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Classic Wall Street Quotations

  
  Education
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Soros, Buffett, Templeton, Livermore, Rothschild – This is the remix.  I’ve updated their classic quotations for the modern investment world.  Vote for your favorites below…Enjoy!

“We simply attempt to be greedy when others are fearful and to make others fearful when we do not have enough long positions on our sheets.” – Warren Buffett

“Capital goes to where it can escape taxation and be used to pay employees in sacks of rice.” – Walter Wriston

“Stock market bubbles don’t grow out of thin air. They have a solid basis in the creation and marketing of ETFs.” – George Soros

“It takes 150 years to build an investment bank and only five minutes to convince you to sell me preferred stock in it at a 10% interest rate.” – Warren Buffett

“The four most dangerous words in investing are ‘It’s the Lightning Round!'”. – Sir John Templeton

“Only buy something that you’d be perfectly happy to hold if the market had a Flash Crash.” – Warren Buffett

“Markets can remain irrational longer than you can pretend that Treasuries yielding a half a percent are a safe buy.” – John Maynard Keynes

“History has not dealt kindly with the aftermath of protracted periods of my policies” – Alan Greenspan

“Obviously the thing to do was to be bullish in a bull market and bearish in a bear market and a renter in the housing market and open-minded to exotic sh*t at Jean-Georges’ Spice Market.” – Jesse Livermore

“Give me control of a nation’s money and I care not how much it owes China.” – Mayer Amschel Rothschild

“Man looks in the abyss, there’s nothing staring back at him. At that moment, man gets a text message, an eFax and two Twitter DMs.  And by the time he’s updating his Facebook status and feeding his virtual farm animals, he has no idea what ‘abyss’ you’re talking about.” – Lou Mannheim, Wall Street

“How do we know when irrational exuberance has unduly escalated asset values?  How about around 2007 when I was walking around with a crown and a scepter, spraying Crystal on chicks in the VIP room. I was probably a little irrationally exuberant right around then, holmes.” – Alan Greenspan

“Money is like manure, you don’t have to spread it around, you can just sell it to Potash Corp as fertilizer.” – J. Paul Getty

“The time of maximum optimism is the time to sell and the time of maximum pessimism is the time to start a blog and write 20 posts a day about gold.” – Sir John Templeton

“Rule No. 1 – Never Lose Money.  Rule No. 2 – When you do lose money, call in Becky Quick and the camera crew for some folksy chit chat over root beer floats.” – Warren Buffett

9 things know yourself in order to obtain success in trading

  
Analysis, Education
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  • An aspiring trader has to understand what her/his hook is and construct her/his style of negotiation around this hook. Ask yourself some questions and determine what about the markets attracts you to it.
  • Do you like the adrenaline and the emotion of the competition? Or do you prefer a more controlled form of making decisions?
  • Are you more academic and inclined to perform investigations of the market? Or do you feel more comfortable trusting your instincts and intuition?
  • Are you set by defined rules and prefer to use a calculator? Or are you more qualitative in making your decisions?
  • Are you interested in international matters?
  • Are you interested in the ins and outs of individual companies? Or are you interested in economic theory?
  • What is it that you want from trading, to be the next George Soros? Do you want the liberty of working from home? Do want an additional source of income and profit?
  • Responding to these questions will help you easily in defining what type of trader you will become.
  • To determine what motivates you in the markets. But this is just the beginning. Once you know what motivates you, you can begin to determine the type of markets in which you should operate, the trading profile that you should adopt, and the additional preparation so that your trading will go further than just the basics. This is the best way to become a successful trader, the comprehension of the markets, the strategy, and the profile that best adjusts for you, by this manner you will maximize your profitability.

Lessons from the Wizards

  
  Education
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All successful traders use methods that suit their personality; You are neither Waren Buffett nor George Soros nor Jesse Livermore; Don’t assume you can trade like them.

What the market does is beyond your control; Your reaction to the market, however, is not beyond your control. Indeed, its the ONLY thing you can control.

To be a winner, you have to be willing to take a loss; (The Stop-Loss Breakdown)

HOPE is not a word in the winning Trader’s vocabulary;

When you are on a losing streak — and you will eventually find yourself on one — reduce your position size;

Don’t underestimate the time it takes to succeed as a trader — it takes 10 years to become very good at anything; (There Are No Shortcuts)

Trading is a vocation — not a hobby

Have a business/trading plan

Identify your greatest weakness, Be honest — and DEAL with it

There are times when the best thing to do is nothing; Learn to recognize these times
(Nothing Doing)

Being a great trader is a process. It’s a race with no finish line.

Other people’s opinions are meaningless to you; Make your own trading decisions
(The Wrong Crowd)

Analyze your past trades. Study what happened to the stocks after you closed the position. Consider your P&L game tapes and go over them the way Vince Lombardi Bill Parcells reviewed past Superbowls

Excessive leverage can knock you out of the game permanently

The Best traders continue to learn — and adapt to changing conditions

Don’t just stand there and let the truck roll over you

Being wrong is acceptable — staying wrong is unforgivable

Contain your losses (Protect Your Backside)

Good traders manage the downside; They don’t worry about the upside

Wall street research reports are biased

Knowing when to get out of a position is as important as when to get in

To excel, you have to put in hard work

Discipline, Discipline, Discipline !

Trading Quotes

  
  Education
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  1. “Time is your friend; impulse is your enemy.” John (Jack) Bogle
  2. “When reward is at its pinnacle, risk is near at hand.” John (Jack) Bogle
  3. “Rule no. 1 is never loose money. Rule no. 2 is never forget rule number one.” Warren Buffett
  4. “Look at market fluctuations as your friend rather than your enemy. Profit from folly rather than participate in it.” Warren Buffett
  5. “I paraphrase Lord Rothschild: The time to buy is when there is blood on the streets.” David Dreman
  6. “It is absurd to think that the general public can ever make money out of market forecasts.” Benjamin Graham
  7. “The whole secret to winning and losing in the stock market is to lose the least amount possible when you are not right.” William J. O Neil
  8. “It is not whether you are right or wrong that is important, but how much money you make when you are right and how much you lose when you are wrong.” George Soros
  9. “If you want to have a better performance than the crowd, you must do things differently from the crowd.” John Templeton
  10. “My first rule is not to lose money. Losing an opportunity is minor in comparison, because there are always new opportunities around the corner.” Burt Dohmen
  11. “Experienced traders control risk, inexperienced traders chase gains.” Alan Farley
  12. “Most traders take a good system and destroy it by trying to make it into a perfect system.”
  13. “Trade what you see, Not what you think”
  14. “A Technician is an Artist and Technical Analysis is the Super Skill of discovering sharp and compact Charts and Patterns depicting Trends and Targets with Precision and Perfection.”
  15. “Identifying the “Rhythmic Flow” of Financial Instruments for skimming the crème, quietly and consistently is the fascinating nature of the Technician’s profession.”
  16. “Like any craft, such as piano playing, perfection may be elusive – I’ll never play a piece perfectly, and I’ll never buy the low and sell the high – but consistency is achievable if you practice day in and day out.”
  17. “You never need to chase a trade. The market has plenty of opportunities. The money runs out before the opportunities do.”
  18. “Good trading is a peculiar balance between the conviction to follow your ideas and the flexibility to recognize when you have made a mistake.”
  19. “Always understand the risk/reward of the trade as it now stands, not as it existed when you put the position on.”
  20. “At all levels of play the secret of success lies not so much in playing well as in not playing badly.”

Ray Dalio eclipses George Soros as most successful fund manager

  
  Education
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Bridgewater founder with ‘radically transparent’ approach to investing has the last laugh

Almost 40 years ago, a young Harvard graduate called Ray Dalio was trading futures at a brokerage called Shearson Hayden Stone. His boss was one Sandy Weill, who would go on to become famous as chairman and chief executive of Citigroup.

It was a promising start in finance. But the promise did not last long: Wall Street legend has it that after just a year in the job Dalio was sacked for taking a stripper to a client presentation.

Such a debut could have led to the rookie drifting off into obscurity – or just as easily have been the beginning of prolonged fame. Yet neither happened.

Instead, the son of a jazz musician sloped off and founded his own hedge fund, Bridgewater, from a two-bedroom apartment. It took three decades operating out of Westport, Connecticut before people outside the sector started to talk about Dalio once again.

The credit crisis was the trigger that propelled the money manager’s name back into Wall Street conversation, after providing him with the platform to outshine rivals and reap massive rewards.

This week the 62-year-old’s fortune was put at $10bn (£6.3bn) in Forbes’s latest list of billionaires. Last month he was lauded as the most successful hedge fund manager in history, after new rankings compiled by LCH Investments showed the $13.8bn that his Bridgewater Pure Alpha fund made in 2011 had propelled Dalio past the grandaddy of hedge fund investing, George Soros, in terms of returns to investors. (more…)

Oracle-George Soros

  
  Education
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George Soros
From Wikipedia, the free encyclopediaJump to: navigation, search
“Soros” redirects here. For other uses, see Soros (disambiguation).
George Soros
George Soros at the World Economic Forum Annual Meeting 2010
Born August 12, 1930 (1930-08-12) (age 80)
Budapest, Kingdom of Hungary
Alma mater London School of Economics
Occupation Entrepreneur, currency trader, investor, philosopher, philanthropist, political activist
Net worth ▲ $14.2 billion (Forbes)[1]
Religion None; Atheist[2]
Spouse Twice divorced (Annaliese Witschak and Susan Weber Soros)
Children Robert, Andrea, Jonathan, Alexander, Gregory
Website
www.georgesoros.com
George Soros (Hungarian: Soros György) (pronounced /ˈsɔroʊs/ or /ˈsɔrəs/,;[3] HungarianIPA: [ˈʃoroʃ]; born August 12, 1930, as Schwartz György) is a Hungarian-American currency speculator, stock investor, businessman, philanthropist, and liberal political activist.[4] He became known as “the Man Who Broke the Bank of England” after he made a reported $1 billion during the 1992 Black Wednesday UK currency crises.[5][6]
Soros is chairman of Soros Fund Management and the Open Society Institute and a former member of the Board of Directors of the Council on Foreign Relations. He played a significant role in the peaceful transition from Communism to Capitalism in Hungary (1984–89),[6] and provided Europe’s largest ever higher education endowment to Central European University in Budapest.[7] Later, his funding and organization of Georgia’s Rose Revolution was considered by Russian and Western observers to have been crucial to its success. In the United States, he is known for donating large sums of money in an effort to defeat President George W. Bush’s bid for re-election in 2004. He helped found the Center for American Progress.
Former Federal Reserve Chairman Paul Volcker wrote in 2003 in the foreword of Soros’ book The Alchemy of Finance:
George Soros has made his mark as an enormously successful speculator, wise enough to largely withdraw when still way ahead of the game. The bulk of his enormous winnings is now devoted to encouraging transitional and emerging nations to become ‘open societies,’ open not only in the sense of freedom of commerce but—more important—tolerant of new ideas and different modes of thinking and behavior.
Family
Soros was born in Budapest, Kingdom of Hungary, the son of the Esperantist writer Tivadar Soros. Tivadar (also known as Teodoro) was a Hungarian Jew, who was a prisoner of war during and after World War I and eventually escaped from Russia to rejoin his family in Budapest.[8][9]
The family changed its name in 1936 from Schwartz to Soros, in response to growing anti-semitism with the rise of Fascism. Tivadar liked the new name because it is a palindrome and because it has a meaning. Although the specific meaning is left unstated in Kaufmann’s biography, in Hungarian, soros means “next in line, or designated successor and in Esperanto, it means “will soar”.[10] His son George was taught to speak Esperanto from birth and is a native Esperanto speaker. George Soros later said that he grew up in a Jewish home, and that his parents were cautious with their religious roots.[11]
George Soros has been married and divorced twice, to Annaliese Witschak, and to Susan Weber Soros. He has five children: Robert, Andrea, Jonathan (with his first wife, Annaliese); Alexander, Gregory (with his second wife, Susan). His elder brother, Paul Soros, a private investor and philanthropist, is a retired engineer, who headed Soros Associates, an international engineering firm based in New York, and established the Paul and Daisy Soros Fellowships for Young Americans.[12][13] George Soros’ nephew Peter Soros, a son of Paul Soros, is married to the former Flora Fraser, a daughter of Lady Antonia Fraser and the late Sir Hugh Fraser, and a stepdaughter of the late 2005 Nobel Laureate Harold Pinter.[14]
[edit] Early life (more…)

George Soros loads up on gold

  
Analysis, Education, Gold / Silver
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soros-gold

So why is Soros buying gold?  Though he believes gold is the ultimate bubble, he had said before that he likes to ride bubbles.  But unlike most investors, Soros usually knows when to get out.

From the WSJ:

LONDON—Investor George Soros doubled his bet on gold at the end of 2009 amid rising prices, a filing with the U.S. Securities and Exchange Commission showed.

The filing, made late Tuesday for the financial period ended Dec. 31, comes after Mr. Soros made comments during the World Economic Forum in Davos, Switzerland, in late January calling gold an asset bubble. He told media at the time that the low-interest-rate environment creates a condition for bubbles to develop and that gold is the ultimate bubble…..

Thoughts from Legendary Investors

  
  Education
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On Waiting…..

Wait for the fat pitch. – Warren Buffett: comparing investing to a baseball game where you can wait endlessly for the perfect pitch before you swing.

I only go to work on the days that make sense to go to work…And I really do something on that day. But you go to work and you do something every day and you don’t realize when it’s a special day. – George Soros talking to Byron Wien

His first conclusion was that he won when all the factors were in his favor, when he was patient and waited for all the ducks to line up in a row. – from Jesse Livermore, Worlds Greatest Stock Trader

Profits can be made safely only when the opportunity is available and not just because they happen to be desired or needed. …Willingness and ability to hold funds uninvested while awaiting real opportunities is a key to success in the battle for investment survival.- Gerald Loeb

You make money on wall street by being very selective and being patient, waiting for those opportunities that are irresistible, where the percentages are very heavily in your favor.- Seth Glickenhaus

Unless, however, we see a very high probability of at least 10 percent pretax returns (which translate to 6 percent to 7 percent after corporate tax), we will sit on the sidelines. With short-term money returning less than 1 percent after-tax, sitting it out is no fun. But occasionally successful investing requires inactivity.- Warren Buffett

Many equity investors feel compelled to remain 100% invested in equities at all times. Bond investors are often similarly constrained.  We strongly believe that this mentality leads to pursuit of relative rather than absolute investment returns, a direction we certainly want to avoid…A smaller pool of funds seeking to avoid meaningful declines in market value at every point in time and seeking more aggressive return objectives cannot afford to be fully invested in the absence of attractive opportunities. – Seth Klarman

On Mistakes….

…if anything, I make as many mistakes as the next guy. But where I do think that I excel is in recognizing my mistakes, you see. And that is the secret to my success. The key insight that I have reached is recognition of the inherent fallibility of human thought. –George Soros

The only way you get a real education in the market is to invest cash, track your trade, and study your mistakes! – Jesse Livermore

On Psychology… (more…)

40 Great Quotes of Ed Seykota (Must Read )

  
  Education
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Ed Seykota, first featured in the book  Market Wizards has one of the best records of all time for any trader. Ed Seykota’s returns on capital compares to those achieved by Warren Buffett, George Soros or William J. O’Neil. He is among the trading gods with no doubt. What does he find important in trading success? Mr. Seykota has a keen focus on trader psychology above all other trading dynamics. Seykota’s website Trading Tribe spends more time advising it’s readers on proper trading  psychology than anything else. Most traders are not concerned with their own psychology and instead focus on entries and exits, with trading systems and making money, not their mind and emotions. This is generally their undoing. The longer you trade and the bigger your account grows the more I see the crucial importance of mindset in the trader’s success or failure. When a losing streak sets in the trader finds out what his underlying issues are and how he handles losing is the key to his long term success. The traders ego management determines his success as much as his trading system and risk management. An an ego can cause you to let losers run and bet far too much on any one trade. An unchecked ego can destroy your account. The market is a terrible place to learn about internal issues by losing money. Here are some quotes that changed how I thought about trading early on and have kept me on the right path to consistent profits. (more…)

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