Finesse is the best adaptation of means to circumstances.
A man must believe in himself and his judgement if he expects to make a living at this game. That is why I don't believe in tips. "
The game of speculation is the most uniformly fascinating game in the world. But it is not a game for the stupid, the mentally lazy, the person of inferior emotional balance, or the get-rich-quick adventurer. They will die poor.
Just remember, without discipline, a clear strategy, and a concise plan, the speculator will fall into all the emotional pitfalls of the market - jump from one stock to another, hold a losing position too long, and cut out of a winner too soon, for no reason other than fear of losing profit. Greed, Fear, Impatience, Ignorance, and Hope will all fight for mental dominance over the speculator. Then, after a few failures and catastrophes the speculator may become demoralised, depressed, despondent, and abandon the market and the chance to make a fortune from what the market has to offer.
Wall Street never changes, the pockets change, the suckers change, the stocks change, but Wall Street never changes, because human nature never changes.
To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.
They say you never grow poor taking profits. No, you don't. But neither do you grow rich taking a four-point profit in a bull market. Where I should have made twenty thousand dollars I made two thousand. That was what conservatism did for me.
The hardest conviction to get into the mind of a beginner is that the education upon which he is engaged is not a college course, not a medical course, but a life course, for which the work of a few years under teachers is but a preparation.
I haven't reached nirvana yet, but I've been to Detroit.
Sometimes it's better not to look back.
Whatever comes to us in life we create first in our mentality. As the building is a reality in all its details in the architects mind before a stone or brick is laid, so we create mentally everything which later becomes a reality in our achievement.