“A very important principle in investing is you don’t have to make it back the way you lost it. And in fact, it’s usually a mistake to try and make it back the way that you lost it.” – Warren Buffett
“The presence or absence of intrinsic productive capacity that lends itself to rational valuation seems to me the dividing line between investment and speculation” – Nick Murray
“Throughout all my years of investing, I’ve found that the big money was never made in the buying or selling, the big money was made in the waiting.” -Jessie Livermore
“Let every man divide his money into three parts, and invest a third in land, a third in business, and a third let him keep by him in reserve.” – Ancient Talmud
“Which is worse, buying at the top or selling at the bottom? For me the answer is easy: the latter. If you buy at what turns out to have been a market top, you’ll suffer a downward fluctuation. But that isn’t cause for concern if the long-term thesis remains intact. And anyway, the enxt top is usually higher than the last top, meaning you’re likely to be ahead eventually. But if you sell at a market bottom, you render the downward fluctuation permanent, and, even more importantly, you get off the escalator of a rising economy and rising markets that has made so many long-term investors rich. This is why I describe selling at the bottom as the cardinal sin in investing.” – Howard Marks
“Time is the coin of your life. It is the only coin you have, and only you can determine how it will be spent. Be careful lest you let other people spend it for you.” – Carl Sandburg
