You can't wait for an opportunity to become obvious.

No problem can be solved until it is reduced to some simple form. The changing of a vague difficulty into a specific, concrete form is a very essential element in thinking.

Investors have been so oversold on diversification that fear of having too many eggs in one basket has caused them to put far too little into companies they thoroughly know and far too much in others which they know nothing about.

If investing is entertaining, if you're having fun, you're probably not making any money. Good investing is boring.

The fact is that it is very difficult to maintain a 'neutral' position in a fluctuating currency market. Market participants have an existential choice to make and if they have no clear views they are bound to make the wrong choice.

Anyone who has become rich twice is dumb. Why would you risk what you need and have for what you don’t need? If you are already rich, there is no upside to taking on a lot more risk, but there is disgrace on the downside.