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.
Michael SteinhardtGood investing is a peculiar balance between the conviction to follow your ideas and the flexibility to recognize when you have made a mistake.
Michael SteinhardtJust 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.
Michael SteinhardtIn the 1950s and 1960s, the heroes were the long-term investors; today the heroes are the wise guys.
Michael Steinhardt