Investment wisdom

Wisdom from the pros:

"Stocks are not pieces of paper that bounce around," he said. "As far as we're concerned, they're ownership shares of businesses that we value and then try to buy at a discount. So that's value investing. Figure out what a business is worth, and pay a lot less." ~ Joel Greenblatt

"You are either a contrarian or a victim" ~ Rick Rule

"Every bear market is the foundation of a new bull market." ~ In Gold We Trust report 2016

“We can ignore reality, but we cannot ignore the consequences of ignoring reality.” ~ Ayn Rand

“Money is made by sitting, not trading. It was never my thinking that made the big money for me, it always was sitting. Buy right, sit tight.”~ Jesse Livermore

"The pendulum usually swings to extremes"~ Howard Marks

"A champion is afraid of losing. Everyone else is afraid of winning." ~ Billie Jean King

"Fund flows really come in handy. How you can really document that is to look at the mutual fund flows because you're tracking the worst investors on the planet." ~ David Hay, CIO Evergreen Capital Management

A man's doubts and fears are his worst enemies." ~ William Wrigley Jr.

Time is the coin of your life. It is the only coin you have, and only you can determine how it will be spent. Be careful lest you let other people spend it for you." - Carl Sandburg

"Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria." - Sir John Templeton

"Today, global markets are at the beginning of a tectonic shift from deflationary expectations to reflationary expectations. What happens to economies at maximum leverage when interest rates begin to rise? Reconciling the potent strengths of the world's largest economies with their inherent weaknesses has revealed various investable anomalies. The enormity of the apparent disequilibrium is breathtaking, making today a tremendous time to invest." ~ Kyle Bass

As a general rule, the most successful man in life is the man who has the best information ~ Benjamin Disraeli

"People who confuse what they wish were true with what is really true create distorted pictures of reality that make it impossible for them to make the best choices." ~ Ray Dalio, Bridgewater Associates

"The opinion of 10,000 men is of no value if none of them know anything about the subject." ~ Marcus Aurelius

Superior results don’t come from buying high quality assets, but from buying assets – regardless of quality – for less than they’re worth. It’s essential to understand the difference between buying good things and buying things well.~ Howard Marks

"Over the years I have seen scores of very bright investment advisors turn into hugely successful gurus who blaze into the investment business with spectacular forecasts. Yet, I've watched each and every one of them crash back to earth when a big subsequent forecast inevitably proved wrong." ~ Ned Davis

Serious investing consists of buying things because the price is attractive relative to intrinsic value. Speculation, on the other hand, occurs when  people buy something without any consideration of its underlying value or the appropriateness of its price, solely because they think others will pay more for it in the future. ~ Howard Marks

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