MARKETS

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

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

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

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

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.

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

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

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

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.

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

Markets are always right. But sometimes they're right for the wrong reasons, and that's where you make your money.

Markets like clarity. They hate uncertainty. And right now, we have more uncertainty than I have seen in my 40 years in financial markets.

The situation is as bad as I have seen in 28 years. The current technology, Internet and telecom craze is a Ponzi scheme.

We are still in the early stages of internet adoption globally. Billions of people are coming online for the first time — most of them via smartphones.

Markets are not efficient, but they are hard to beat. The way to beat them is not to think you are smarter than everyone else — it is to have better information processing.

Fundamentally, I think the market is wiser than I am and I try to find out what the market is telling me, not impose my views on the market.

The stock market is just a casino with better PR.

Bottoms in the investment world don't end with four-year lows; they end with 10- or 15-year lows.

The market is a large collection of people predicting the actions of other people predicting the actions of other people. It is not a machine for pricing assets.

The market is not a weighing machine that precisely measures the value of each security. It's a voting machine that shows how much people are willing to pay right now.

Respect the market. It is bigger than you, smarter than you, and it has been around longer than you. The moment you think you have it figured out is the moment it teaches you a lesson.

In the stock market, the money you don't lose is more important than the money you make. Avoiding stupidity is the whole game.

I don't give interviews because I have nothing to say that would help anyone. The market teaches you everything if you pay attention.

The most dangerous words in business are: this time it is different. It never is.

The economy is just vibes until someone puts a number on it. And even then, the vibes still matter more.

Our IPO was the most successful of 2019. The stock tripled on day one. For one moment, everyone believed plant-based meat was the future.

The bond market is the most important market in the world. Everything else is a derivative of the bond market.

Markets can remain irrational longer than you can remain solvent. But they can also remain rational longer than you can remain patient.

The market does not care what should happen. It only cares what will happen.

When interest rates moved 400 basis points in a year we were holding thousands of homes. That is what risk looks like in real estate.

The bond market tells you more about the economy than any stock index ever will. Equity investors who ignore bonds are flying blind.

We believe that everyone should have access to the financial markets.

Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria.

Every great investor has been humbled by the market. The ones who survive learn from it. The ones who don't repeat it.

The market can stay irrational longer than the client can stay patient.

The market is never wrong — opinions often are.

There is nothing new in Wall Street. There can't be because speculation is as old as the hills.

The average man doesn't wish to be told that it is a bull or bear market. What he desires is to be told specifically which particular stock to buy or sell.

Markets are not about being right. Markets are about the probability of being right times the payoff when you are.

The best trade is the one where the other side doesn't even know you're there.

The market rewards conviction. The market also destroys overconfidence. The line between them is thin.

Mean reversion is the most powerful force in financial markets. Everything returns to the average eventually.

When asked what the stock market would do, Morgan replied: It will fluctuate.

Nvidia won't be the only game in town forever. Every monopoly creates its own competition.

The SPAC gave us capital. The stock dropped 80%. Space data is valuable — proving it takes time.

I came to America with nothing from the Soviet Union. Every investment since has been a bet on freedom and markets.

Trend following works because people are slow to adapt. Markets trend because humans herd.

SPACs were a great tool until everyone ruined them. The concept is fine. The execution got sloppy.

The markets are not random, but the patterns are invisible to humans.

Financial markets contain real, exploitable patterns. But finding them requires rigor, not narratives and opinions.

Bubbles are only identified in retrospect. While you are in one, it looks like growth.

The markets have the capacity to do things that regulators cannot anticipate. Sometimes that is a feature. Sometimes it is a catastrophic bug.

I found a flaw in the model that I perceived is the critical functioning structure that defines how the world works.

Currency markets are the purest market in the world. There is no CEO to charm and no earnings to manipulate. Either you are right or you lose.

Southeast Asia is not one market. It is eight different markets that speak fifty languages and have ten different regulatory environments. The company that figures this out wins everything.

Models tell you what should happen. Markets tell you what is happening. When they disagree, trust the market.

Credit is the most important market in the world and the least understood by the average investor.

Markets are made by humans. Humans are emotional. Emotional humans make predictable mistakes. That's the entire hedge fund business model.

The market changed. We didn't change enough with it. That's the honest answer.

Credit markets are the dark side of the moon. Equity investors look up and see a bright surface. The real action is on the other side.

In chess and in markets, the best move is often the one your opponent doesn’t see coming.

Government bonds are the most important market in the world and the most misunderstood by equity investors.

The market undervalues holding companies because most investors can’t do the math. That’s their problem, not mine.

Being the youngest self-made billionaire in America sounds cool until you realize your stock is down 90% and everyone thinks your industry is overhyped.

When the SPAC market collapsed, it took our public listing with it. The company survived. The stock market lesson was expensive.

Markets can solve social problems — if the rules are right.

The most powerful thing technology can do is connect a willing buyer with a willing seller.

Markets change. If your process does not change with them, you are managing yesterday's money.

The biggest mistake people make about Africa is thinking about it as one country. It is 54 countries, 1.4 billion people, and each market is completely different.

Wall Street is not a meritocracy. But the market is. The market doesn't care who you are.

The markets are not random. They just look that way to someone without a real edge.

The job of philanthropy is to strengthen civil society so that the market and the state do not crowd out the spaces where ordinary people live their lives.

The size of the market is the single biggest determinant of a venture-scale outcome.

In this environment, I can absolutely see many parts, if not all of that, reversing.

We always find opportunities.

Deutsche Bank is too big to fail. We think management has a good handle on it.

We are in a golden era of private credit.

If I try to go after every company that was engaged in some level of exploitation, then I wouldn't have time in the day, because I think most companies are.

We're more invested today than we've ever been.

Provided that there are capital markets, I think our profession will be as eternal as that of prostitution. You're just betting on human nature, the darker side of human nature.

The only rule that works is the one that says no rule always works.

You think the discretionary guy has what? A crystal ball?

There will be the apology tour and the apology fund. The next fund will be 0.3 times the size of the last fund.

Do not confuse a bull market with brains.

The equity market is the more emotional friend. The credit market is the more sober minded friend. When this friend gets nervous, that's when we get more nervous.

Systemic risk has a couple of characteristics. One, there's usually massive concentration of risk in one asset class. Two, lots of leverage. Three, interconnectivity.

Credit goes through cycles. We just haven't seen a cycle in a long time.

The ability to listen, because the market is always telling you something, the competitors are telling you something.

The entrepreneur has to have the ability to listen to what the market is saying, adapt and make changes.

India is just getting started on wealth creation.

The market is my favorite source of truth.

The great thing about markets is that, in the long run, the market kind of dictates the truth.

People won't like me saying this, but if $10T is the round target, then we likely fall short of it this cycle.

There are the trading markets, which trade 24/7, 365 days a year.