Wisdom Quote

"Better to not be in a trade and wishing you were in one than to be in a trade and wishing you were out"

--Unknown

Wisdom Quote

"Making a few correct calls using only a bottom-up strategy may influence investors to think that they are great stock pickers.  In reality, it's more likely that they have just been on the right side of macro trends without realizing it, such as choosing stocks from a sector that was in favor."

--Fracois Trahan

from The Era of Uncertainty

by Francois Trahan and Katherine Krantz

Wisdom Quote

"It would be a serious mistake to think that all the facts that describe a particular investment are or could be known.  Not only may questions remain unanswered; all the right questions may not even have been asked."

--Seth Klarman

Margin of Safety

Wisdom Quote

"Little else is required to carry a state to the highest degree of opulence from the lowest degree of barbarism, but peace, low taxes, and tolerable administration of justice; all the rest being brought about by the natural course of things.  All governments which thwart this natural course, which force things into another channel, or which endeavor to arrest the progress of society at a particular point, are unnatural, and to support themselves are obliged to be oppressive and tyrannical."

--Adam Smith

Wisdom Quote

"If you want to change your experience of the markets from fearful to confident, if you want to change your results from an erratic equity curve to a steadily rising one, the first step is to embrace the responsitiblity and stop expecting the market to give you anything or do anything for you. ... Taking responsibility is the cornerstone of a winning attitude."

--Mark Douglas

Trading In The Zone

Wisdom Quote

 "Economic history is a never-ending series of episodes based on falsehoods and lies, not truths.  It represents the path of big money.  The object is to recognize the trend whose premise is false, ride that trend, and step off before it is discredited."

--George Soros