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. The hard part is that the investor must measure himself not by his own perceptions of his performance, but by the objective measure of the market. The market has its own reality. In an immediate emotional sense the market is always right so if you take a variant point of view you will always be bombarded for some time by conventional wisdom as expressed by the market.
Michael SteinhardtThe markets are always changing, and the successful trader needs to adapt to these changes.
Michael SteinhardtThe balance between confidence and humility is best learned through extensive experience and mistakes.
Michael SteinhardtYou have to be intellectually honest with yourself and others. In my judgment, all great investors are seekers of truth.
Michael Steinhardt