We are all wrong so often that it amazes me that we can have any conviction at all over the direction of things to come. But we must.

The danger that we have right now are people who get the same information as I do and, therefore, think they'll reach the same conclusions that haven't traded as long, don't have bear claws up and down their backs like I do.

Every once in a while, the market does something so stupid it takes your breath away

Well, he's just the same guy who in other aspects of his life would be very late to a trend.

But be very, very careful, because when you're playing with momentum, you're playing with fire.

I've lost tremendous amounts of money in various markets and I think that that's something that makes you better at my job, not worse.

You have a class of investors and you have a class of speculators. The speculators historically haven't been big enough to cause the investors to doubt the long-term vision of stock.