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.

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

The markets are always changing, and the successful trader needs to adapt to these changes.

Good investing is a peculiar balance between the conviction to follow your ideas and the flexibility to recognize when you have made a mistake.

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

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

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