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.

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.

Part of my attraction to ancient art is that there is an element of risk, of speculation.

Brokerage firms don't sell customers stock so much as they sell those horrible mutual funds

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.

Time and 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 [bonds], you can almost close your eyes and [buy] stocks.

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