What has momentum today might not have momentum tomorrow. What looks like quality today might look like crap tomorrow.
Active investors hold far, far more sway than a handful of index fund managers, which is why the stock market continues to go up and down every day.
The most valuable part of history is studying how people behaved when something unprecedented happened. It’s the most consistent thing over time.
A good exit signal doesn’t just get you out when needed, a really good exit signal keeps you in.
We’ll always be chasing someone, unless we learn to become happy with what we have.
Abandon your investment identity.
Every time stocks fall it becomes easier to make short-term decisions with long-term capital.
BofA clients have bought a net $160bn in ETFs and sold $200bn of individual stocks since 2009.
When the Nasdaq 100 lags, the S&P 500 tends to follow that weakness, particularly over the subsequent month.
The line between discipline and foolishness becomes increasingly blurry, even to elite investors.
Trying to gauge the emotions of the market is impossible.
90% of life is about managing expectations.
Bullish and wrong and clients are angry; bearish and wrong and they fire you.
You don’t need your best team on July 4th, you need your best team on April 15th.
Opportunity equals value minus perception.
More half dollars had been submitted from China in the last ten years tan have ever been manufactured by the mint.
They all sent me away at first.
Ten times the idiot, one time the relative expert.
We are programmed to remember the bad times a little bit better than the good times.
The people who tend to be the best at something tend to be consumed by self doubt.
How could you tell a truly bad idea from a bad sounding idea? The best ideas make you want to say yes and no in the same breath…People systematically are very poor at predicting their own reactions to new things.
Nothing but being shot at will ever teach men the art of using cover.