Miscellaneous Quotes (mostly investment related!)

“My philosophy is that all stocks are bad.” - William O'Neil

“Once a Llama, always a Llama” - Richard W

“Confidence did not disintegrate at once” - John Kenneth Galbraith (on the Wall Street Crash)

“Changing your mind in the light of new evidence is a sign of strength not weakness” - Stuart Sutherland

“The tip-giver need not hesitate about the quality, for the tip-seeker is not really after good tips, but after any tip” - Edwin Lefevre

“People get into the market on a tip or with some hot new entry technique. But once they have a position in the market, they have no idea when or how they will exit.” - Van K. Tharp

“'Over the long term it'll come back' hides a multitude of risks” - Justin Mamis

“Investors are the big gamblers. They make a bet, stay with it, and if it goes the wrong way, they lose it all.” - Jesse Livermore

“When I was able to separate my ego needs from making money” - Marty Schwartz (in response to the question “When did you turn from a loser to a winner?”)

“Remember nobody is always right, though some people are always wrong” - Stuart Sutherland

“The game of speculation isn't all mathematics or set rules, however rigid the main laws may be” - Edwin Lefevre

“The whole secret to winning in the stock market is to lose the least amount possible when you're not right” - William O'Neil

“Generals always fight the last war. Portfolio managers always invest in the last bull market” - James B. Rogers, Jr.

“I had been right, and nevertheless had gone broke” - Edwin Lefevre

“Good trading is a peculiar balance between the conviction to follow your ideas and the flexibility to recognise when you have made a mistake.” - Michael Steinhardt

“If you must wear uniform, wear that of nurses” - Stuart Sutherland

“The term professionally managed implies a credit I'm not sure I would give the average professional in this business [money management].” - Michael Steinhardt

“This spreading addiction [to risk] has…. created a widespread and quite comfortable notion that the stock market bears little or no risk at all, even while it is going down. The experience of seeing the averages go up and up and up, or watching it come back up after having dipped, has erased the sense of equity risk” - Justin Mamis

“Speculation in stocks will never disappear” - Edwin Lefevre