Reminiscences of a Stock Operator
“The market can stay irrational longer than you can stay solvent,” Keynes famously declared. Being early and right is the same as being wrong, as investors have repeatedly discovered.
Sebastian Mallaby • More Money Than God
Markets:The model I like—to sort of simplify the notion of what goes on in a market for common stocks—is the pari-mutuel system at the racetrack. If you stop to think about it, a pari-mutuel system is a market. Everybody goes there and bets and the odds change based on what's bet. That's what happens in the stock market. Any damn ... See more
Charlie Munger • A Lesson On Elementary, Worldly Wisdom As It Relates To Investment Management & Business – Charles Munger, USC Business School, 1994
The most realistic distinction between the investor and the speculator is found in their attitude toward stock-market movements. The speculator’s primary interest lies in anticipating and profiting from market fluctuations. The investor’s primary interest lies in acquiring and holding suitable securities at suitable prices. Market movements are imp... See more
Benjamin Graham • The Intelligent Investor Rev Ed.: The Definitive Book on Value Investing
move. The second day would be the day the market closed below the low of the high day. The third day would be the day the market closed below the low of the second day. I would get out on the close of the third day. I assume those three days would not have to be consecutive. That’s correct. The third day could be two weeks after the first day. I de
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