“Companies in severe financial stress tend to be overlooked and
“Both poker and investing are games of incomplete information. You have a certain set of facts and you are looking for situations where you have an edge, whether the edge is psychological or statistical.” – David Einhorn, Greenlight Capital
“The failure to address that question is the main source of the poor relative results of most money managers and the general lack of value provided by the opinions of analysts.” – Bill Miller
“The first duty of the investor or analyst is to figure out what is embedded in the price, what is discounted.” – Bill Miller
“I’d say that my investment philosophy is that I don’t take a lot of
“The best investors do not target return; they focus first on risk, and only then decide whether the projected return justifies taking each particular risk.” – Seth Klarman
“The financial markets generally are unpredictable. So that one has to have different scenarios…The idea that you can actually predict what’s going to happen contradicts my way of looking at the market.” – George Soros
“The individual investor should…be able to justify every purchase he makes and each price he pays by impersonal, objective reasoning that satisfies him that he is getting more than his money’s worth for his purchase.” – Benjamin Graham
“Don’t be a hero. Don’t have an ego. Always question yourself and your ability. Don’t ever feel that you are very good. The second you do, you are dead.” – Paul Tudor Jones
“Rule number one of investing is never lose money. Rule number two is never forget rule number 1.” – Warren Buffett
“My basic advice is don’t lose money.” – Jim Rogers
“I’m always thinking about losing money as opposed to making money. Don’t focus on making money, focus on protecting what you have.” – Paul Tudor Jones
“And then at the end of the day, the most important thing is how good are you at risk control. Ninety-percent of any great trader is going to be the risk control.” – Paul Tudor Jones
“I believe the very best money is made at the market turns. Everyone says you get killed trying to pick tops and bottoms and you make all your money by playing the trend in the middle. Well for twelve years I have been missing the meat in the middle but I have made a lot of money at tops and bottoms.” – Paul Tudor Jones
“I ask anyone to give me an example of an economy beefed up by huge amounts of quantitative easing that did not inflate tremendously when or if the economy improved.“ – Julian Robertson
“The worse a situation becomes the less it takes to turn it around, the bigger the upside.” – George Soros
“A public-opinion poll is no substitute for thought.” – Warren Buffett
“Regardless of the reason, some investors tend to get overly excited about stocks that have done very well in the past. Buy them up, and these ‘glamour’ stocks become overpriced.” – Van Den Berg
“The stock market is a no-called-strike game. You don’t have to swing at everything—you can wait for your pitch. The problem when you’re a money manager is that your fans keep yelling, ‘Swing, you bum!’” – Warren Buffett
“…It’s a matter of ‘patience and discipline—you need them in both investing and poker.'” – John Rogers (Founder, Ariel Capital)