"The Unexamined Life is Not Worth Living" - Socrates
"Give a man a fish; you have fed him for today. Teach a man to fish; and you have fed him for a lifetime" —Author unknown
I hear...I forget
I see...and I remember
I do...and I understand
Ancient Chinese Proverb
Pilani :- Gyanam Parmam Balam - Knowledge is Power
Berkeley :- Let there be Light
Stanford :- Die Luft der Freiheit weht - "Winds of Freedom are in the Air"
MIT :- Mens et manus - "Mind and hand"
By Bernard Baruch
You have to lose money in order to better yourself
most people view the market as the place where the miracle of great and quick riches can be performed with little effort
a man who observes the future and acts before it occurs
if you get all the facts, your judgment can be right; if you don't get all the facts, it can't be right
Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he is wrong.
Market speculation is "no different than trying to be a successful doctor or lawyer....you simply must devote yourself full time to the study of your craft."
Self-reliance and "doing one's own thinking" is a must.
Most of the successful people I've known are the ones who do more listening than talking."
the stock market does not determine the health of the economy but "rather reflects it."
Having flexibility should not be underestimated.
"what we can try to do perhaps is to come to a better understanding of how to reduce the element of risk in whatever we undertake."
"better to have a few stocks and to watch them carefully."
good supply of cash on hand at all times in reserve is important
He liked to focus on "one thing at a time, perfect it, and do it well."
Same mistakes most investors make which are: 1) "they know too little about the company's management, earnings, prospects, and possibility for future growth," and 2) "they tend to trade beyond their financial capital capacity."
"Successful speculation requires staying on top of changes in industries and companies that either create new industries or improve on existing industries. The majority of your profits will come from these two.....
"Without control over your emotions, there is very little chance for profitable success in the stock market."
"Don't try to buy at the bottom and sell at the top. It can't be done except by liars."
"I made my money by selling too soon."
"Do not blame anybody for your mistakes and failures."
"Whatever failures I have known, whatever errors I have committed, whatever follies I have witnessed in private and public life have been the consequence of action without thought."
"follow what the market is currently doing as opposed to following what one might personally think the market should do."
Know your own failings, passions, and prejudices so you can separate them from what you see."
"The main purpose of the stock market is to make fools of as many men as possible."
He devoted lots of hours and effort to examining past trades to find out why he lost money.
"At times it is folly to hasten at other times, to delay. The wise do everything in its proper time." - Ovid
The market can stay irrational longer than you can stay solvent.
Successful investing is anticipating the anticipations of others.
It is better to be roughly right than precisely wrong.
When the facts change, I change my mind. What do you do, sir?
The difficulty lies, not in the new ideas, but in escaping from the old ones
You are neither right nor wrong because the crowd disagrees with you.You are right because your data and reasoning are right
Individuals who cannot master their emotions are ill-suited to profit from the investment process
Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble...to give way to hope, fear and greed
Warren Buffett, story from Benjamin Graham:
A story that was passed down from Ben Graham illustrates the lemminglike behavior of the crowd: "Let me tell you the story of the oil prospector who met St. Peter at the Pearly Gates. When told his occupation, St. Peter said, “Oh, I’m really sorry. You seem to meet all the tests to get into heaven. But we’ve got a terrible problem. See that pen over there? That’s where we keep the oil prospectors waiting to get into heaven. And it’s filled—we haven’t got room for even one more.” The oil prospector thought for a minute and said, “Would you mind if I just said four words to those folks?” “I can’t see any harm in that,” said St. Pete. So the old-timer cupped his hands and yelled out, “Oil discovered in hell!” Immediately, the oil prospectors wrenched the lock off the door of the pen and out they flew, flapping their wings as hard as they could for the lower regions. “You know, that’s a pretty good trick,” St. Pete said. “Move in. The place is yours. You’ve got plenty of room.” The old fellow scratched his head and said, “No. If you don’t mind, I think I’ll go along with the rest of ’em. There may be some truth to that rumor after all."
"Give a man a fish; you have fed him for today. Teach a man to fish; and you have fed him for a lifetime" —Author unknown
I hear...I forget
I see...and I remember
I do...and I understand
Ancient Chinese Proverb
Pilani :- Gyanam Parmam Balam - Knowledge is Power
Berkeley :- Let there be Light
Stanford :- Die Luft der Freiheit weht - "Winds of Freedom are in the Air"
MIT :- Mens et manus - "Mind and hand"
By Bernard Baruch
You have to lose money in order to better yourself
most people view the market as the place where the miracle of great and quick riches can be performed with little effort
a man who observes the future and acts before it occurs
if you get all the facts, your judgment can be right; if you don't get all the facts, it can't be right
Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he is wrong.
Market speculation is "no different than trying to be a successful doctor or lawyer....you simply must devote yourself full time to the study of your craft."
Self-reliance and "doing one's own thinking" is a must.
Most of the successful people I've known are the ones who do more listening than talking."
the stock market does not determine the health of the economy but "rather reflects it."
Having flexibility should not be underestimated.
"what we can try to do perhaps is to come to a better understanding of how to reduce the element of risk in whatever we undertake."
"better to have a few stocks and to watch them carefully."
good supply of cash on hand at all times in reserve is important
He liked to focus on "one thing at a time, perfect it, and do it well."
Same mistakes most investors make which are: 1) "they know too little about the company's management, earnings, prospects, and possibility for future growth," and 2) "they tend to trade beyond their financial capital capacity."
"Successful speculation requires staying on top of changes in industries and companies that either create new industries or improve on existing industries. The majority of your profits will come from these two.....
"Without control over your emotions, there is very little chance for profitable success in the stock market."
"Don't try to buy at the bottom and sell at the top. It can't be done except by liars."
"I made my money by selling too soon."
"Do not blame anybody for your mistakes and failures."
"Whatever failures I have known, whatever errors I have committed, whatever follies I have witnessed in private and public life have been the consequence of action without thought."
"follow what the market is currently doing as opposed to following what one might personally think the market should do."
Know your own failings, passions, and prejudices so you can separate them from what you see."
"The main purpose of the stock market is to make fools of as many men as possible."
He devoted lots of hours and effort to examining past trades to find out why he lost money.
"At times it is folly to hasten at other times, to delay. The wise do everything in its proper time." - Ovid
The market can stay irrational longer than you can stay solvent.
Successful investing is anticipating the anticipations of others.
It is better to be roughly right than precisely wrong.
When the facts change, I change my mind. What do you do, sir?
The difficulty lies, not in the new ideas, but in escaping from the old ones
You are neither right nor wrong because the crowd disagrees with you.You are right because your data and reasoning are right
Individuals who cannot master their emotions are ill-suited to profit from the investment process
Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble...to give way to hope, fear and greed
Warren Buffett, story from Benjamin Graham:
A story that was passed down from Ben Graham illustrates the lemminglike behavior of the crowd: "Let me tell you the story of the oil prospector who met St. Peter at the Pearly Gates. When told his occupation, St. Peter said, “Oh, I’m really sorry. You seem to meet all the tests to get into heaven. But we’ve got a terrible problem. See that pen over there? That’s where we keep the oil prospectors waiting to get into heaven. And it’s filled—we haven’t got room for even one more.” The oil prospector thought for a minute and said, “Would you mind if I just said four words to those folks?” “I can’t see any harm in that,” said St. Pete. So the old-timer cupped his hands and yelled out, “Oil discovered in hell!” Immediately, the oil prospectors wrenched the lock off the door of the pen and out they flew, flapping their wings as hard as they could for the lower regions. “You know, that’s a pretty good trick,” St. Pete said. “Move in. The place is yours. You’ve got plenty of room.” The old fellow scratched his head and said, “No. If you don’t mind, I think I’ll go along with the rest of ’em. There may be some truth to that rumor after all."
