Investing Quotes - Page 37

• When I was young I thought that money was the most important thing in life; now that I am old I know that it is.

  Oscar Wilde

  Funny, Life, Inspiring

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• My venture investing career has three phases, all roughly 6-8 years long. The first, at Euclid, was software to Internet. The second, at Flatiron, was Internet to bubble. And the third, at USV, has been web 2 to mobile. I have always used a new firm to denote a new investment phase for me. Throw away the old. Start with the new.

  Fred Wilson

  Years, Careers, Long

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• Suppose it was demonstrated that one out of twenty alcoholics could learn to become a moderate social drinker. The experienced clinician would answer, 'Even if true, act as if it were false, for you will never identify that one in twenty, and in the attempt five in twenty will be ruined.' Investors should forsake the search for such tiny needles in huge haystacks.

  Paul Samuelson

  Tiny, Twenties, Answers

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• Here we were talking about economic development, about investing billions of dollars in various programs, and I could see it wasn't billions of dollars people needed right away.

  Muhammad Yunus

  Talking, People, Dollars

  "Muhammad Yunus, Banker to the World’s Poorest Citizens, Makes His Case". Interview with Linda O’Bryon, knowledge.wharton.upenn.edu. March 9, 2005.

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• In every mutual fund prospectus, in every sales promotional folder, and in every mutual fund advertisement (albeit in print almost too small to read), the following warning appears: "Past performance is no guarantee of future results."

  Paul Samuelson

  Past, Guarantees, Warning

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• For the taxable investor, indexing means never having to say you're sorry.

  William J. Bernstein

  Love, Movie, Romantic

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• A good parson once said that where mystery begins religion ends. Cannot I say, as truly at least, of human laws, that where mystery begins justice ends?

  Edmund Burke

  Law, Justice, Mystery

  Edmund Burke, T. O. McLoughlin, Paul Langford, James T. Boulton (1997). “The Writings and Speeches of Edmund Burke: Volume I: The Early Writings”, p.176, Oxford University Press on Demand

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• When forced to choose, I will not trade even a night's sleep for the chance of extra profits.

  Warren Buffett

  Life, Sleep, Night

  Berkshire Hathaway Inc. Chairman's Letter, 2008.

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• Investing intelligently in those of us who are marginalised means fewer people in jail, fewer homeless, fewer unemployed, fewer of us who are forlorn and depressed, fewer people addicted to things that drag us down... Because as we invest in those that do it tough, we will see more Australians taking pride in themselves, having realisable dreams and aspirations and making their own positive contribution to the world's greatest nation.

  Simon McKeon

  Leadership, Dream, Business

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• The difference between successful people and really successful people is that really successful people say no to almost everything.

  Warren Buffett

  Life, Success, Differences

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• He really meant to tell them that the big money was not in the individual fluctuations but in the main movements that is, not in reading the tape but in sizing up the entire market and its trend.

  Jesse Lauriston Livermore

  Reading, Tape, Movement

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• After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!

  Jesse Lauriston Livermore

  Money, Wall, Thinking

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• Experience has proved to me that real money made in speculating has been in commitments in a stock or commodity showing a profit right from the start.

  Jesse Lauriston Livermore

  Real, Commitment, Commodity

  Jesse Lauriston Livermore (1966). “How to Trade in Stocks: The Livermore Formula for Combining Time Element and Price”

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• It is literally true that millions come easier to a trader after he knows how to trade, than hundreds did in the days of his ignorance.

  Jesse Lauriston Livermore

  Ignorance, Easier, Traders

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• There is only one side to the stock market; and it is not the bull side or the bear side, but the right side

  Jesse Lauriston Livermore

  Bulls, Sides, Bears

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• The market does not beat them. They beat themselves, because though they have brains they cannot sit tight.

  Jesse Lauriston Livermore

  Brain, Doe, Beats

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• The average man doesn't wish to be told that it is a bull or a bear market. What he desires is to be told specifically which particular stock to buy or sell. He wants to get something for nothing. He does not wish to work. He doesn't even wish to have to think.

  Jesse Lauriston Livermore

  Men, Thinking, Average

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• "I can't sleep" answered the nervous one.
  "Why not?" asked the friend.
  "I am carrying so much cotton that I can't sleep thinking about. It is wearing me out. What can I do?"
  "Sell down to the sleeping point", answered the friend.

  Jesse Lauriston Livermore

  Sleep, Thinking, Why Not

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• He will risk half his fortune in the stock market with less reflection that he devotes to the selection of a medium-priced automobile.

  Jesse Lauriston Livermore

  Reflection, Risk, Half

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• It is difficult to systematically beat the market. But it is not difficult to systematically throw money down a rat hole by generating commissions and other costs.

  Michael Jensen

  Cost, Rats, Beats

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• Index funds are... tax friendly, allowing investors to defer the realization of capital gains or avoid them completely if the shares are later bequeathed. To the extent that the long-run uptrend in stock prices continues, switching from security to security involves realizing capital gains that are subject to tax. Taxes are a crucially important financial consideration because the earlier realization of capital gains will substantially reduce net returns.

  Burton Malkiel

  Running, Long, Friendly

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• Index funds do not trade from security to security and, thus, they tend to avoid capital gains taxes.

  Burton Malkiel

  Gains, Taxes, Trade

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• The surest way to find an actively managed fund that will have top-quartile returns is to look for a fund that has bottom-quartile expenses.

  Burton Malkiel

  Looks, Way, Return

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• Most active mutual funds are more interested in collecting fees than in boosting returns for investors.

  David F. Swensen

  Return, Mutual Fund, Fees

  "Yale’s Swensen Says Index Funds Best Plan for Most Investors" by Kelly Bit, www.bloomberg.com. January 31, 2012.

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• Invest in low-turnover, passively managed index funds... and stay away from profit-driven investment management organizations... The mutual fund industry is a colossal failure... resulting from its systematic exploitation of individual investors... as funds extract enormous sums from investors in exchange for providing a shocking disservice... Excessive management fees take their toll, and manager profits dominate fiduciary responsibility.

  David F. Swensen

  Responsibility, Organization, Systematic

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