He will risk half his fortune in the stock market with less reflection that he devotes to the selection of a medium-priced automobile.

When a man is right he wants to get all that is coming to him for being right.

I cannot fear to be wrong because I never think I'm wrong until I am proven wrong. In fact, I am uncomfortable unless I am capitalizing my experience.

They say you never grow poor taking profits. No, you don't. But neither do you grow rich taking a four-point profit in a bull market. Where I should have made twenty thousand dollars I made two thousand. That was what conservatism did for me.

The stock market is never obvious. It is designed to fool most of the people, most of the time.

Ignorance at twenty-two isn't a structural defect.

Without faith in his own judgment no man can go very far in this game. That is about all I have learned - to study general conditions, to take a position and stick to it. I can wait without a twinge of impatience. I can see a setback without being shaken, knowing that it is only temporary.