There is nothing like losing all you have in the world for teaching you what not to do. And when you know what not to do in order not to lose money, you begin to learn what to do in order to win. Did you get that? You begin to learn!

About this quote
- Attributed to
- Edwin Lefèvre
- Source
- Reminiscences of a Stock Operator (1923), Chapter IV, p. 51
- Attribution status
- ✓ Verified source
- Verification
- Primary reference
Photo: Diliff · CC BY-SA 3.0 · source · Portrait: not stated (Public domain)
What would patience look like in your portfolio this month?
Review one recurring expense and decide to keep, cut or renegotiate it.
Join to journal, save & shareCreate a share imageWatch & listen
Best Advice: Warren Buffett and Charlie Munger | Fortune
Warren's Wisdom - Warren Buffett
Warren Buffett, Chairman, Berkshire Hathaway Investment Group | Terry Leadership Speaker Series
More from Edwin Lefèvre & related wisdom
Markets are fundamentally volatile. No way around it. Your prolem is not in the math. There is no math to get you out of having to experience uncertainty.
You are neither right nor wrong because people agree with you.

The social object of skilled investment should be to defeat the dark forces of time and ignorance which envelope our future.

You want to be greedy when others are fearful. You want to be fearful when others are greedy. It's that simple. ... They're pretty fearful. In fact, in my adult lifetime, I don't think I've ever seen people as fearful economically as they are right now.
Investment is most intelligent when it is most businesslike.

