Vantage Point
I have no special talents. I am only passionately curious. "Albert Einstein"
The significant problems we face cannot be solved at the same level of thinking we were at when we created them. "Albert Einstein"
Change is not merely necessary to life – It is life! "Alvin Toffler"
The illiterate of the twenty-first century will not be those who cannot read and write, but those who cannot learn, unlearn and relearn. "Alvin Toffler"
Life shrinks or expands in proportion to ones courage. "Anais Nin"
The only way to discover the limits of the possible is to go beyond them, to the impossible. "Arthur Clarke"
A creative man is motivated by the desire to achieve, not by the desire to beat others. "Ayn Rand"
When you see that in order to produce, you need to obtain permission from men who produce nothing - when you see that money is flowing to those who deal, not in goods, but in favours - when you see that men get richer by graft and by pull than by work and your laws don't protect you against them but protect them against you - when you see corruption being rewarded and honesty becoming a self-sacrifice - you may know that your society is doomed. "Ayn Rand"
Confronted with a challenge to distil the secret of sound investment into three words, we venture the motto: Margin of Safety. "Benjamin Graham"
Although this may seem a paradox, all exact science is dominated by the idea of approximation. "Bertrand Russel"
The biggest cause of trouble in the world today is that the stupid people are so sure about things and the intelligent folks are so full of doubts. "Bertrand Russel"
Your potential is unlimited. Aspire to a high place. Believe in your abilities, in your tastes, in your judgment. Imagine and perceive that which you wish to be. Back your image with enthusiasm and courage. Feel the reality of your "new" self; live in the expectancy of greater things and your subconscious will actualize them. "Brain Adams"
You learn in this business: If you want a friend, get a dog. "Carl Icahn"
Pride of opinion has been responsible for the downfall of more men on Wall Street than any other factor. "Charles Dow"
To know values is to know the meaning of the market. "Charles Dow"
The people who excel in any field are people who realize that the moment is there to be seized - that there are opportunities at every turn. They are more alive to the moment. "Charles Faulkner"
It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent. "Charlie Munger"
There is only one success - to be able to spend your life in your own way. "Christopher Morley"
For a system trader, its way more important to have your trading size down than it is to fine tune your entry and exit points. "David Druz"
Persist - don't take no for an answer. If you're happy to sit at your desk and not take any risk, you'll be sitting at your desk for the next 20 years. "David Rubenstein"
If you think education is expensive, try ignorance. "Derek Bok"
Experience taught me a few things. One is to listen to your gut, no matter how good something sounds on paper. The second is that you're generally better off sticking with what you know. And the third is that sometimes your best investments are the ones you don't make. "Donald Trump"
No matter what kind of math you use, you wind up measuring volatility with your gut. "Ed Seykota"
The joy of winning and the pain of losing are right up there with the pain of winning and the joy of losing. Also to consider are the joy and pain of not participating. The relative strengths of these feelings tend to increase with the distance of the trader from his commitment to being a trader. "Ed Seykota"
If you don’t risk anything, you risk even more. "Erica Jong"
You cannot teach a man anything; you can only help him to find it within himself. "Galileo Galilei"
If all the economists were laid end to end, they'd never reach a conclusion. "George Bernard Shaw"
People are always blaming circumstances for what they are. I do not believe in circumstances. The people who get on in this world are the people who get up and look for the circumstances they want, and if they cannot find them, make them. "George Bernard Shaw"
Stock market bubbles don't grow out of thin air. They have a solid basis in reality, but reality as distorted by a misconception. "George Soros"
The best place to live on this curve is the spot where you can deal with the emotional aspect of equity drawdown required to get the maximum return. How much heat can you stand? Money management is a thermostat - a control system for risk that keeps your trading within the comfort zone. "Gibbons Burke"
Torture numbers and they’ll confess to anything. "Gregg Easterbrook"
It's all a matter of perspective. What some consider catastrophic flood, others deem a cleaning bath. "Gregory Millman"
Whenever there is a market movement, it is necessary for a Wall Street analyst to feel that he or she knows why it occurred. Almost always what they say is worthless. "Henry Ford"
The ticker tape is simply a record of human nature passing in review. The record gives the opinions and hopes of the people. "Humphrey Bancroft"
In a nation ruled by swine, all pigs are upwardly mobile and the rest of us are screwed until we can put our acts together: not necessarily to win, but mainly to keep from losing completely. We owe that to ourselves and our crippled self-image as something better than a nation of panicked sheep. "Hunter Thomson"
Every set of published accounts is based on books which have been gently cooked or completely roasted. "Ian Griffiths"
No sensible decision can be made any longer without taking into account not only the world as it is, but the world as it will be. "Isaac Asimov"
There are no certainties in this investment world and where there are no certainties, you should begin by understanding yourself. "James Frazer"
Everything's tested in historical markets. The past is a pretty good predictor of the future. It's not perfect. But human beings drive markets and human beings don't change their stripes overnight. So to the extent that one can understand the past, there's a good likelihood you'll have some insight into the future. "James Simons"
Insanity is doing the same thing over and over while expecting different results. "Jesse Livermore"
There is only one side to the stock market. Not the bull side or the bear side, but the right side. It took me longer to get that general principle fixed firmly in my mind that it did most of the more technical phases of the game. "Jesse Livermore"
Your success in investing will depend, in part, on your character and guts and in part on your ability to realize at the height of ebullience and the depth of despair alike, that this too shall pass. "John Bogle"
It is the long term investor, he who most promotes the public interest, who will in practice come in for the most criticism. For it is in the essence of his behaviour that he should be eccentric, unconventional and rash in the eyes of the average opinion. "John Maynard Keynes"
The markets can remain irrational longer than you can remain solvent. "John Maynard Keynes"
Trends are like horses; they are easier to ride in the direction they are going. "John Naisbitt"
A market is the combined behaviour of thousands of people responding to information, misinformation and whim. "Kenneth Chang"
Those who have knowledge don't predict. Those who predict don't have knowledge. "Lao Tzu"
As a speculator you must embrace disorder and chaos. "Louis Bacon"
Losing an illusion makes you wiser than finding a truth. "Ludwig Borne"
The criterion of truth is that it works even if nobody is prepared to acknowledge it. "Ludwig Von Mises"
To succeed as a trader, one needs complete commitment. Those seeking shortcuts are doomed to failure. Even if you do everything right, you should still expect to lose money during the first five years. These are cold and hard facts that many would-be traders prefer not to hear or believe but ignoring them doesn't change the reality. "Mark Cook"
I learned you are not trading a commodity - you are buying and selling risk. As a technical trader, that's the only way to look at it. "Mark Van Stolk"
The traders would rather lose money than admit they are wrong. I became a winning trader when I was able to say "To hell with my ego, making money is more important". "Marty Schwartz"
My experience indicates that most people who've accumulated a great deal of wealth haven't had that as their goal at all. Wealth is only a by-product, not the original motivation. "Michael Milken"
You will run out of money before a guru runs out of indicators. "Neal Weintraub"
Prediction is very difficult, especially about the future. "Niels Bohr"
Invest in yourself. Your career is the engine of your wealth. "Paul Clitheroe"
Economists have correctly predicted nine of the last five recessions. "Paul Samuelson"
Twenty years in this business convinces me that any normal person using the customary three percent of the brain can pick stocks just as well, if not better, than the average Wall Street expert. "Peter Lynch"
The stock market is filled with individuals who know the price of everything, but the value of nothing. "Phillip Fisher"
You can never predict when that unknown torpedo will come out of the dark and smash the price of a stock. "Ralph Seger"
More than anything else, what differentiates people who live up to their potential from those who don't is a willingness to look at themselves and others objectively. "Ray Dalio"
If you would be a real seeker after truth, it is necessary that at least once in your life you doubt, as far as possible, all things. "Rene Descartes"
I agree with the metaphysics of technical analysis that the fundamentals are discounted. You don't get any profits from fundamental analysis; you get profit from buying and selling. So why stick with the appearance when you can go right to the reality of price and analyze it better? "Richard Dennis"
There's nothing quite as good or bad as trading. They give you a number every day. That's what is good about it and that's what's bad about it. That's what makes it hard. That's what makes it worth doing. "Richard Dennis"
In investing, what is comfortable is rarely profitable. "Robert Arnott"
Without frugality, none can be rich, and with it, very few would be poor. "Samuel Johnson"
While some might mistakenly consider value investing a mechanical tool for identifying bargains, it is actually a comprehensive investment philosophy that emphasizes the need to perform in-depth fundamental analysis, pursue long-term investment results, limit risk and resist crowd psychology. "Seth Klarman"
From error to error, one discovers the entire truth. "Sigmund Freud"
To buy when others are despondently selling and sell when others are greedily buying requires the greatest fortitude and pays the greatest reward. "Sir John Templeton"
It's quite true what philosophy says, that life must be understood backwards. But one then forgets the other principle, that is must be lived forwards. A principle which, the more one thinks it through, precisely leads to the conclusion that life in time can never be properly understood, just because no moment can acquire the complete stillness needed to orient oneself backward. "Soren Kierkegaard"
The old guard wasn't crazy about me; I used to hear it all the time. Most of the old-school had no belief in anything that wasn't based on fundamental analysis. We were trading more than investing and people frowned on it. They looked at it and didn't want to partake. Finally, they said, "Shoot. He's Making Money" and they started copying me. "Steve Cohen"
Far better it is to dare mighty things, to win glorious triumphs, even though checkered by failure than to take rank with those poor spirits who neither enjoy much nor suffer much, because they live life in the gray twilight that knows no victory nor defeat. "Theodore Roosevelt"
The key to trading success is emotional discipline. Making money has nothing to do with intelligence. To be a successful trader you have to be able to admit mistakes. People who are very bright don't make very many mistakes. Besides trading, there is probably no other profession where you have to admit when you're wrong. In trading, you can't hide your failures. "Victor Sperandeo"
When it is a question of money, everyone is of the same religion. "Voltaire"
The fact that people will be full of greed, fear or folly is predictable. The sequence is not predictable. "Warren Buffet"
There are two kinds of investors, be they large or small: those who don't know where the market is headed and those who don't know that they don't know. Then again, there is a third type of investor - the investment professional, who indeed knows that he or she doesn't know, but whose livelihood depends upon appearing to know. "William Bernstein"
One of the funny things about the stock market is that every time one person buys, another sells and both think they are astute. "William Feather"
Quality is never an accident; it is always a result of high intention, sincere effort, intelligent direction and skillful execution. "William Foster"
The further back you can look, the father forward you can see. "Winston Churchill"