The Word On The Street
Is Heard By All, But Only A Few Listen

I'm only rich because I know when I'm wrong… I basically have survived by recognizing my mistakes.

It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong.

Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected.

Markets are designed to allow individuals to look after their private needs and to pursue profit. It's really a great invention and I wouldn't under-estimate the value of that, but they're not designed to take care of social needs

I believe that market prices are always wrong in the sense that they present a biased view of the future. But distortion works in both directions: not only do market participants operate with a bias, but their bias can also influence the course of events.

Investors operate with limited funds and limited intelligence: they do not need to know everything. As long as they understand something better than others, they have an edge.