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

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.

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

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

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

I was happier when pursuing success than I was when savoring its fruits; the attraction, perhaps the addiction, was in the process, as much as in its end.