"If I buy stocks on Smith's tip I must sell those same stocks on Smith's tip. I am depending on him. Suppose Smith is away on a holiday when the selling time comes around?

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.

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.

At long as a stock is acting right, and the market is right, do not be in a hurry to take profits. One should never permit speculative ventures to run into investments.

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

The only thing to do when a man is wrong is to be right by ceasing to be wrong.

People who look for easy money invariable pay for the privilege of proving conclusively that it cannot be found on this earth.