Quote Categories
Active Management, Aging, Bear Market, Behavior, Benchmarks, Bonds, Bull Market, Business, Career, Cash, Cash Flow, Competitive Advantage, Compound Return, Cyclical Stocks, Decisions, Diversification, Dividends, Earnings, Economic Cycle, Economics, Economists, Expansion, Fees, Forecasting, Gambling, Gold, Growth Stocks, Index Funds, Inflation, Interest Rate, Investing, Knowledge, Liquidity, Losses, Luck, Management, Margin Trading, Market Bubbles, Market Correction, Market Crash, Market Cycle, Market Efficiency, Market History, Market Timing, Math, Mistakes, Probability, Real Estate, Recession, Return, Risk, Risk Management, Savings, Security Analysis, Selling, Shareholders, Short Selling, Special Situations, Speculation, Stock Market, Stock Picking, Stocks, Taxes, Technology, Time Horizon, Turnover, Uncertainty, Valuation, Value Investing, Volatility, Wall Street,
Quote Authors
Arnold Van Den Berg, Arthur Rock, Arthur Zeikel, Benjamin Graham, Bernard Baruch, Bill Miller, Charles Ellis, Charlie Munger, Chris Browne, Chuck Akre, Daniel Kahneman, David Abrams, David Swensen, Dean LeBaron, Dean Williams, Edward Thorp, Edwin Lefevre, Francois Rochon, Fred C. Kelly, Fred Schwed Jr, George Soros, Henry Singleton, Hetty Green, Howard Marks, Jean Marie Eveillard, Joel Greenblatt, Joel Tillinghast, John Bogle, John Kenneth Galbraith, John Maynard Keynes, John Neff, John Rogers, John Stuart Mill, John Templeton, Lou Simpson, Marty Whitman, Meir Statman, Michael Price, Mohnish Pabrai, Myron Scholes, Paul Tudor Jones, Peter Bernstein, Peter Cundill, Peter Lynch, Philip Carret, Philip Fisher, Richard Thaler, Robert Kirby, Robert Shiller, Robert Wilson, Sam Zell, Seth Klarman, Stanley Druckenmiller, T. Rowe Price, Tom Gayner, Tom Russo, Walter Schloss, Warren Buffett,
“
It's much more stressful to me when the market's soaring and everybody's excited, and everybody's talking about how much money they're making.
”
Source: link
Back to top.
“
We may forgive ourselves for owning a market dullard when the rest of the market is also in the doldrums, but it is disheartening to see one's favorite resting as quietly as a castor-oil bottle while the rest of the market goes gaily upward.
”
Source: link
Back to top.
“
It is foolhardy to shut our eyes and buy just any stock because of prospects for a substantial rise in the general averages. Though in a bear market nearly every stock goes down, in a bull market not all stocks advance.
”
Source: link
Back to top.
“
An old saying is that in a bull market, your time horizons grow longer and longer. In a bear market, they grow shorter and shorter.
”
Source: link
Back to top.
“
One of the important factors behind the fluctuation between bull and bear markets, between booms and crashes and bubbles, is that investor memory has to fail us – and fail universally – in order for the extremes to be reached.
”
Source: link
Back to top.
“
A lot of people when they get negative on the market put 50% in cash, but unfortunately a lot of times when you get to that position it's just about when the market's about to rally.
”
Source: link
Back to top.
“
My mission isn’t to make money in bull markets. My mission is to preserve capital.
”
Source: link
Back to top.
“
There is a considerable tendency for common stock investors to do the greater part of their buying, both of "good" and "bad" securities, at high levels of the market. They are equally inclined to do the greater part of their selling at low levels of the market, a procedure which is not conducive to successful results.
”
Source: link
Back to top.
“
It is a curious fact that although all booms are alike, all are different.
”
Source: link
Back to top.
“
Cash really hurts if you hold it very long in an equity market that is compounding at close to 20% per annum.
”
Source: link
Back to top.
“
It may be a fair generalization to assert that the top levels of most "normal" bull markets are characterized by a tendency to equate stock risks with bond risks.
”
Source: link
Back to top.
“
Happy is the man who has no past! The same seems to be true of corporations in a bull market.
”
Source: link
Back to top.
“
Buying stocks of prosperous concerns may be good business -- but only at a certain price. But if you will make sure you know what you are getting for your money, you will be doing what nobody does in a bull market.
”
Source: link
Back to top.
“
Laws have been passed to outlaw some of the more egregious behavior which contributed to the big bull market of the twenties. Nothing has been done about the seminal lunacy which possesses people who see a chance of becoming rich.
”
Source: link
Back to top.
“
History shows us, over and over, that bull markets can go well beyond rational valuation levels as long as the outlook for future earnings is positive.
”
Source: link
Back to top.
“
If the market's going wild and you want to be in it, you either have to lower your standards to stay in the game or you buy stuff which may not participate because it's not part of the game at that time.
”
Source: link
Back to top.
“
If you looked at September 1986 to October '87, the market was unchanged. It had a thousand points up and a thousand points down and they only remember the down.
”
Source: link
Back to top.
“
The novice soon learns that stocks are likely to maintain an upward or downward trend for long periods of time with minor interruptions of the major trend.
”
Source: link
Back to top.
“
People who exit the stock market to avoid a decline are odds-on favorites to miss the next rally.
”
Source: link
Back to top.
“
Missing the bottom on the way up won't cost you anything. It's missing the top on the way down that's always expensive.
”
Source: link
Back to top.
“
The man in the street associates the acquisition of wealth with rising markets; failures, ruin, depression, panics with falling markets.
”
Source: link
Back to top.
“
Whenever you get a wild excess on the upside, the following correction doesn't just go back to normal; it almost always falls way below normal.
”
Source: link
Back to top.
“
Once a boom is well started, it cannot be arrested. It can only be collapsed.
”
Source: link
Back to top.
“
Booms start with some tie-in to reality, some reason which justifies the increase in asset values, and then -- and this is the critical feature of speculative mood -- the market loses touch with reality.
”
Source: link
Back to top.
“
Participation in the stock market is not limited to the experienced, the conservative, nor even the intelligent. It is a game at which any number of people may play. And as the market level rises, the quantity of players grows rapidly and their quality diminishes somewhat in proportion.
”
Source: link
Back to top.
“
My experience teaches me that by far the largest losses have been sustained by investors through buying securities of inferior quality under favorable general conditions.
”
Source: link
Back to top.
“
In the halcyon days of prosperity, the investor is satisfied with increased dividends and a rising market, and cares very little about dry statistics.
”
Source: link
Back to top.
“
The only thing you can be sure of is that there are times when large numbers of stocks are priced too high and other times when they're priced too low.
”
Source: link
Back to top.
“
A large advance in the stock market is basically a sign for caution and not a reason for confidence.
”
Source: link
Back to top.
“
Experience in former markets indicates that just as they are too high in bull markets, they get too low in bear markets.
”
Source: link
Back to top.
“
It is usually a much simpler matter to forecast a bull market than to call the turn at its end.
”
Source: link
Back to top.
“
Bull markets and bear markets last long enough so that the average trader is likely to forget by the time the climax is approaching that any sort of movement is possible.
”
Source: link
Back to top.
“
It takes a great deal of nerve to cling to a short position in a stock in the face of an advancing market even though the stock may clearly be overvalued.
”
Source: link
Back to top.
“
We would rather underperform in a huge bull market than get clobbered in a really bad bear market.
”
Source: link
Back to top.
“
Every economic recovery since World War II has been preceded by a stock market rally. And these rallies often start when conditions are grim.
”
Source: link
Back to top.
