MARKETS

The biggest mistake investors make is to believe that what happened in the recent past is likely to persist.

He who lives by the crystal ball will eat shattered glass.

In the short run, the market is a voting machine. In the long run, it is a weighing machine.

Markets are constantly in a state of uncertainty and flux. Money is made by discounting the obvious and betting on the unexpected.

The worse a situation becomes, the less it takes to turn it around.

Stock market bubbles don't grow out of thin air. They have a solid basis in reality — but reality as distorted by a misconception.

The best opportunities arise when the market gets a fact wrong.

Being too far ahead of your time is indistinguishable from being wrong.

Superior investors are those who have a better sense for what's in the price.

The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.

Hell is coming. If you don't believe me now, you will in a few weeks.

Markets are brutal. They do not care about your feelings. They care about whether your analysis is right.

Mathematics is the language of the universe. It turns out it is also the language of the market — if you are patient enough to listen.

The market does not care about your feelings. It does not care about your analysis. It only cares about supply and demand. Trade what you see, not what you think.

The stock market is a giant distraction from the business of investing.

Number go up technology is powerful. Do not underestimate what people will do when they see a number going up.

In a bull market, everyone is a genius. In a bear market, you find out who actually knows what they are doing.

In the short run, the market is a voting machine. In the long run, it is a weighing machine.

The market is always trying to take your money. Your job is to not let it.

The stock market is a device for transferring money from the impatient to the patient.