When your views are truly contrarian, they are inevitably uncomfortable. Courage and the ability to withstand pain are required.

Just as outright euphoria is often a sign of a market top, fear is for sure a sign of a market bottom. Time and time again, in every market cycle I have witnessed, the extremes of emotion always appear, even among experienced investors. When the world wants to buy only treasury bills, you can almost close your eys and get long stocks.

In the 1950s and 1960s, the heroes were the long-term investors; today the heroes are the wise guys.

The balance between confidence and humility is best learned through extensive experience and mistakes.

A good trader has to have three things: a chronic inability to accept things at face value, to feel continuously unsettled, and to have humility.

The hardest thing over the years has been having the courage to go against the dominant wisdom of the time, to have a view that is at variance with the present consensus and bet that view.

You have to be intellectually honest with yourself and others. In my judgment, all great investors are seekers of truth.