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!
It never was my thinking that made the big money for me. It always was my sitting.
The market does not beat them. They beat themselves, because though they have brains they cannot sit tight.
It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine--that is, they made no real money out of it. Men who can both be right and sit tight are uncommon.
It never was my thinking that made the big money for me. It was always my sitting. Got that? My sitting tight!
Men who can both be right and sit tight are uncommon.
The most realistic distinction between the investor and the speculator is found in their attitude toward stock-market movements. The speculator's primary interest lies in anticipating and profiting from market fluctuations. The investor's primary interest lies in acquiring and holding suitable securities at suitable prices. Market movements are important to him in a practical sense, because they alternately create low price levels at which he would be wise to buy and high price levels at which he certainly should refrain from buying and probably would be wise to sell.
Speculators are obsessed with predicting: guessing the direction of stock prices. Every morning on cable television, every afternoon on the stock market report, every weekend in Barron's, every week in dozens of market newsletters, and whenever business people get together. In reality, no one knows what the market will do; trying to predict it is a waste of time, and investing based upon that prediction is a purely speculative undertaking.
If a speculator is correct half of the time, he is hitting a good average. Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he is wrong.
A prudent speculator never argues with the tape. Markets are never wrong, opinions often are.
All a company report and balance sheet can tell you is the past and the present. They cannot tell future.
Just remember, without discipline, a clear strategy, and a concise plan, the speculator will fall into all the emotional pitfalls of the market - jump from one stock to another, hold a losing position too long, and cut out of a winner too soon, for no reason other than fear of losing profit. Greed, Fear, Impatience, Ignorance, and Hope will all fight for mental dominance over the speculator. Then, after a few failures and catastrophes the speculator may become demoralised, depressed, despondent, and abandon the market and the chance to make a fortune from what the market has to offer.
... a speculator is one who runs risks of which he is aware and an investor is one who runs risks of which he is unaware.
Our civilized world is nothing but a great masquerade. You encounter knights, parsons, soldiers, doctors, lawyers, priests, philosophers and a thousand more: but they are not what they appear - they are merely masks... Usually, as I say, there is nothing but industrialists, businessmen and speculators concealed behind all these masks.
Remember this: When you are doing nothing, those speculators who feel they must trade day in and day out, are laying the foundation for your next venture. You will reap benefits from their mistakes.
A speculator gambles that a stock will go up in price because somebody else will pay even more for it.
If a lot of money goes into the stock market, it'll push up prices, making money for stock speculators. Then the insiders can decide that it's time to sell out, and the market will plunge.
When you look at a commodities market you need hedgers and speculators. If you don't have one, you don't have a market. That's how it works.
I who have been involved with all styles of painting can assure you that the only things that fluctuate are the waves of fashion which carry the snobs and speculators; the number of true connoisseurs remains more or less the same.
A speculator is a man who, if he dies at the right time, has a rich widow.
East of my bean-field, across the road, lived Cato Ingraham, slave of Duncan Ingraham, Esquire, gentleman, of Concord village, whobuilt his slave a house, and gave him permission to live in Walden Woods;MCato, not Uticensis, but Concordiensis. Some say that he was a Guinea Negro. There are a few who remember his little patch among the walnuts, which he let grow up till he should be old and need them; but a younger and whiter speculator got them at last. He too, however, occupies an equally narrow house at present.
Speculation is a hard and trying business, and a speculator must be on the job all the time or he'll soon have no job to be on.
Drama began as the act of a whole community. Ideally, there would be no speculators. In practice, every member of the audience should feel like an understudy.
Frequent comparative ranking can only reinforce a short-term investment perspective. It is understandably difficult to maintain a long-term view when, faced with the penalties for poor short-term performance, the long-term view may well be from the unemployment line ... Relative-performance-oriented investors really act as speculators. Rather than making sensible judgments about the attractiveness of specific stocks and bonds, they try to guess what others are going to do and then do it first.
The reality is that the founding fathers were land speculators. The fact was that you couldn't vote in this country if you did not own land, and that was basically you had to be a white man who owned land. Now how did they get that land? They basically had to steal it from someone, and that would be probably the Indians. And so most of the initial founding fathers were, while they may have had some really nice ideas about democracy, they had a lot of issues with people of color. They had a lot of issues with people who held things that they coveted.
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