There are only three kinds of investors – those who think they are geniuses, those who think they are idiots, and those who aren’t sure.
One of the clearest signals that you are wrong about an investment is having the hunch that you are right about it.
Investors who focus on price levels earn between five and ten times higher profits than those who pay attention to price changes.
The only way to be more certain it’s true is to search harder for proof that it is false.
Business value changes over time, not all the time. Stocks are like weather, altering almost continually and without warning; businesses are like the climate, changing much more gradually and predictably.
When rewards are near, the brain hates to wait.
The market isn’t always right, but it’s right more often than it is wrong.
Often, when we are asked to judge how likely things are, we instead judge how alike they are.
Most of what seem to be patterns in stock prices are just random variations.
In a rising market, enough of your bad ideas will pay off so that you’ll never learn that you should have fewer ideas.
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