My main life lesson from investing: self-interest is the most powerful force on earth, and can get people to embrace and defend almost anything.

I did precisely the wrong thing. The cotton showed me a loss and I kept it. The wheat showed me a profit and I sold it out. Of all the speculative blunders there are few greater than trying to average a losing game. Always sell what shows you a loss and keep what shows you a profit.

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.

I was utterly free of speculative prejudices. The bear side doesn't appeal to me any more than the bull side, or vice versa. My one steadfast prejudice is against being wrong.

It took me five years to learn to play the game intelligently enough to make big money when I was right.

Professional traders have always had some system or other based upon their experience and governed either by their attitude towards speculation or by their desires.

A man must believe in himself and his judgement if he expects to make a living at this game. That is why I don't believe in tips."