When I'm bearish and I sell a stock, each sale must be at a lower level than the previous sale. When I am buying, the reverse is true. I must buy on a rising scale. I don't buy long stocks on a scale down, I buy on a scale up.

Never try to sell at the top. It isn't wise. Sell after a reaction if there is no rally.

A man must study general conditions, to seize them so as to be able to anticipate probabilities.

Most people, whether bull or bear, when they are right, are right for the wrong reason, in my opinion.

Speculation is a hard and trying business, and a speculator must be on the job all the time or he'll soon have no job to be on.

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.

It isn't a hunch but the subconscious mind, which is the creative mind, at work. That is the mind which makes artists do things without their knowing how they came to do them. Perhaps with me it was the cumulative effect of a lot of little things individually insignificant but collectively powerful.