Market Wisdom through the ages
Crypto Quotes
"It’s money 2.0, a huge, huge, huge deal." – Chamath Palihapitiya, venture capitalist
Every smart person that I admire in the world, and those I semi-fear, is focused on this concept of crypto for a reason. They understand that this is the driving force of the fourth industrial revolution: steam engine, electricity, then the microchip - blockchain and crypto is the fourth. Brock Pierce American entrepreneur
The blockchain is going to change everything more than the Internet has. Brock Pierce American entrepreneur
Bitcoin is a technological tour de force.– Bill Gates
“I do think Bitcoin is the first [encrypted money] that has the potential to do something like change the world.” – Peter Thiel, co-founder of PayPal
There are 3 eras of currency: Commodity based, politically based, and now, math-based.
– Chris Dixon
The reason we are all here is that the current financial system is outdated.
– Charlie Shrem – (founder) CEO Bitinstant
At their core, cryptocurrencies are built around the principle of a universal, inviolable ledger, one that is made fully public and is constantly being verified by these high-powered computers, each essentially acting independently of the others.
– Paul Vigna
Market Quotes
"Interest rates are to the value of assets what gravity is to matter." - Warren Buffett
“In economics, things take longer to happen than you think they will, and then they happen faster than you thought they could." Rudi Dornbusch - German economist
“The single greatest edge an investor can have is a long term orientation.” Seth Klarman
“You get recessions, you have stock market declines. If you don’t understand that’s going to happen, then you’re not ready, you won’t do well in the markets.” – Peter Lynch
The Trend is your Friend until the End of the Trend! Old Wall Street Adage
Tops are a process and bottoms are an event! Old Wall Street Adage
Reversion to the mean is the iron rule of financial markets - John Bogle
"If you don't find a way to make money while you sleep, you will work until you die." Warren Buffett
The stock market is a device for transferring money from the impatient to the patient - Warren Buffett
“Buy when everyone else is selling and hold until everyone else is buying. This is the very essence of successful investing." - J Paul Getty
Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.” Warren Buffett
“After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made big money for me. It was always my sitting.” Jesse Livermore Quotes
Wait for the "Hell Yes" Moment! Old Wall Street Adage
“In this business if you're good, you're right six times out of ten. You're never going to be right nine times out of ten.” Peter Lynch
“Keep it simple, when you get too complex you forget the obvious.” - Al McGuire
“I didn’t always win. My plan of trading was sound enough and won oftener than it lost. If I had stuck to it I’d have been right perhaps as often as seven out of ten times.” Jesse Livermore
“Invest at the point of maximum pessimism.” Sir John Templeton
A bull market is like sex. It feels best just before it ends. - Warren Buffett
The big money is not in the buying and the selling but in the waiting. Charlie Munger business partner of Warren Buffett
Markets take the stairs up and the elevator down. Old Wall Street Adage
“You can have the top 20% and the bottom 20%, I will take the 80% in the middle.” Baron Nathan Rothschild
“We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.” Warren Buffett
“In good times skepticism means recognizing the things that are too good to be true; that’s something everyone knows. But in bad times, it requires sensing when things are too bad to be true. People have a hard time doing that.
The things that terrify other people will probably terrify you too, but to be successful an investor has to be stalwart. After all, most of the time the world doesn’t end, and if you invest when everyone else thinks it will, you’re apt to get some bargains.“ Lance Roberts RealInvestmentAdvice.com
“We’ve long felt that the only value of stock forecasters is to make fortune tellers look good.” Warren Buffett
“The four most dangerous words in investing are: "This time it's different." Sir John Templeton
It's not what you don't know that gets you, it's what you know for sure that just ain't so. Old Saying
Many years ago, my friend Ric Kayne pointed out that “95% of all financial history happens within two standard deviations of normal, and everything interesting happens outside of two standard deviations.”
https://seekingalpha.com/article/4352712-nobody-knows-going-to-happen
“I learned early that there is nothing new in Wall Street. There can’t be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again. I’ve never forgotten that.” Jesse Livermore
"Buy when there's blood in the streets, even if the blood is your own." Baron Rothschild He made a killing in the Gilts trade (government Bonds) by having the information of Napoleon's defeat at Waterloo on the 18th by the night of the 19th when the official message came on the 21st.
“When the shoeshine boys have tips, the stock market is too popular for its own good.” Joe Kennedy
Our business is full of people who got famous for being right once in a row. Howard Marks - Oaktree Capital
“It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong.” - George Soros
“This is the cornerstone of our investment philosophy: Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results.” Warren Buffett
“The biggest mistake investors make is to believe that what happened in the recent past is likely to persist. They assume that something that was a good investment in the recent past is still a good investment. Typically, high past returns simply imply that an asset has become more expensive and is a poorer, not better, investment.” Ray Dalio
“Don't try to buy at the bottom and sell at the top. It can't be done except by liars.” Benard Baruch
Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves. - Peter Lynch
“The most that can be expected from any model is that it can supply a useful approximation to reality: All models are wrong; some models are useful.”
Statistician George E. P. Box
“When the facts change, I change my mind. What do you do, sir?” John Maynard Keynes
“Rule No. 1: Most things will prove to be cyclical. Rule No. 2: Some of the greatest opportunities for gain and loss come when other people forget Rule No. 1.” Howard Marks, Oaktree Capital Management
“When management takes the low road in aspects that are visible, it is likely they are following a similar path behind the scenes. There is seldom just one cockroach in the kitchen.” Warren Buffett Article
Working in the garden also reminds me that market cycles, like nature’s seasons, can be extended — but not rescinded.” Lance Roberts RealInvestmentAdvice.com
“What seems too high and risky to the majority generally goes higher and what seems low and cheap generally goes lower.” William O'Neil
“True investors buy when they see value, and sell when value no longer exists.” Lance Roberts RealInvestmentAdvice.com
“I made my money by selling too soon” – Bernard Baruch
“Beware of geeks bearing formulas.” Warren Buffett
“It takes a man a long time to learn all the lessons of all his mistakes.” Jesse Livermore
“We’re all just one trade away from humility.” Wall Street 1987
“The only investors who shouldn’t diversify are those who are right 100% of the time.” Sir John Templeton
“All you need for a lifetime of successful investing is a few big winners.” Peter Lynch
“The worse a situation becomes, the less it takes to turn it around, and the bigger the upside.” George Soros
The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective. Warren Buffett
“It took me five years to learn to play the game intelligently enough to make big money when I was right.” Jesse Livermore
“Wall Street indices predicted nine out of the last five recessions.” Paul Samuelson
"It was an amazing day on 24th October 1929 when Jesse (Livermore) came home and his wife thought they were ruined and instead he had the second best trading day of anyone in history."—John Templeton
“The unintended consequences of economic policy are always more interesting than the intended ones.” Jim Grant
“When you combine ignorance and leverage, you get some pretty interesting results.” Warren Buffett
In the old days whenever a bucket shop found itself loaded with too many bulls on a certain stock it was common practice to get some broker to wash down the price of that particular stock far enough to wipe out all the customers that were long of it. This seldom cost the bucket shop more than a couple of points on a few hundred shares, and they made thousands of dollars. Jesse Livermore
“When a person with money meets a person with experience, the one with experience ends up with the money and the one with money leaves with the experience.” Warren Buffett
“Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” Sir John Templeton
“It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.” Warren Buffett
“The key to making money in stocks is not to get scared out of them.” Peter Lynch
“Buy right. Sit tight.” Jesse Livermore
“Be patient and wait for the fat pitch.” James Montier - The Seven Immutable Laws of Investing
The light can at any time go from green to red without pausing at yellow. When major declines occur, however, they offer extraordinary opportunities to those who are not handicapped by debt. That's the time to heed these lines from Kipling's 'If:'
"If you can keep your head when all about you are losing theirs ...
If you can wait and not be tired by waiting ...
If you can think -- and not make thoughts your aim ...
If you can trust yourself when all men doubt you ...
Yours is the Earth and everything that's in it."
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Warren Buffett 2017 Letter to Shareholders
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“Bottoms in the investment world don’t end with four-year lows; they end with 10- or 15-year lows.” – Jim Rogers
“The market can remain irrational longer than you can remain solvent.” - John Maynard Keynes
“I have always found it profitable to study my mistakes.” Jesse Livermore
“I bought a company in the mid-'90s called Dexter Shoe and paid $400 million for it. And it went to zero. And I gave about $400 million worth of Berkshire stock, which is probably now worth $400 billion. But I've made lots of dumb decisions. That's part of the game.” Warren Buffett Quotes @BrainyQuote.com
“There is no need to feel anger over being human.” Jesse Livermore
“In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.” Warren Buffet.
I bought the top of the tech market in March of 2000 [after quickly making money in the same space in mid-late 1999] in an emotional fit I had because I couldn’t stand the fact that it was going up so much and it violated every rule I learned in 25 years.
I bought the tech market very well in mid-1999 and sold everything out in January and was sitting pretty; and I had two internal managers who were making about 5% a day and I just couldn’t stand it. And I put billions of dollars in within hours of the top. And, boy, did I get killed the next couple months. Stanley Druckenmiller
Speculating in Bubbles With Stan Druckenmiller and Sir Isaac Newton
“Someone's sitting in the shade today because someone planted a tree a long time ago.” The 25 Smartest Things Warren Buffet Ever Said @ Fool.com
“The novelty of being able to purchase anything one wants soon passes, because what people most seek cannot be bought with money.” John D. Rockefeller, 1909, Owner Standard Oil, America’s first billionaire.
“Basically, when you get to my age, you'll really measure your success in life by how many of the people you want to have love you actually do love you.” Warren Buffett
