Money is made by sitting, not trading.

It takes a man a long time to learn all the lessons of all his mistakes.

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

If the unusual never happened there would be no difference in people and then there wouldn't be any fun in life. The game would become merely a matter of addition and subtraction. It would make of us a race of bookkeepers with plodding minds. It's the guessing that develops a man's brain power.

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

Remember this: When you are doing nothing, those speculators who feel they must trade day in and day out, are laying the foundation for your next venture. You will reap benefits from their mistakes.

I never hesitate to tell a man that I am bullish or bearish. But I do not tell people to buy or sell any particular stock. In a bear market all stocks go down and in a bull market they go up.