A prudent speculator never argues with the tape. Markets are never wrong, opinions often are.

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

Men who can both be right and sit tight are uncommon.

If somebody had told me my method would not work I nevertheless would have tried it out to make sure for myself, for when I am wrong only one thing convinces me of it, and that is, to lose money. And I am only right when I make money. That is speculating.

The market always does what it should do, but not always when

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.

One of the most helpful things that anybody can learn is to give up trying to catch the last eighth - or the first. These two are the most expensive eighths in the world. They have cost stock traders, in the aggregate, enough millions of dollars to build a concrete highway across the continent.