The last leg of a bull market always ends in hysteria; the last leg of a bear market always ends in panic.

If everyone thinks one way, it is likely to be wrong. If you can figure out that it is wrong, you are likely to make a lot of money.

Commodities tend to zig when the equity markets zag.

Most successful investors, in fact, do nothing most of the time.

They wouldn't be politicians if they knew what they were doing.

The biggest public fallacy is that the market is always right. The market is nearly always wrong. I can assure you of that.

Acknowledge the complexity of the world and resist the impression that you easily understand it. People are too quick to accept conventional wisdom, because it sounds basically true and it tends to be reinforced by both their peers and opinion leaders, many of whome have never looked at whether the facts support the received wisdom. It's a basic fact of life that many things "everybody knows" turn out to be wrong.