December 27, 2012
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I’ve compiled a list of my favorite investment-related quotes. They come from a range of sources – including many outside the world of finance. I hope that they provide wisdom and inspiration for the year ahead.
There are only two kinds of forecasters – those who don’t know and those who don’t know they don’t know.
John Kenneth Galbraith
A bank is a place where they lend you an umbrella in fair weather and ask for it back when it begins to rain.
When the tide goes out you can see who has been swimming naked.
Be fearful when others are greedy and greedy when others are fearful.
Short-term clients look for gurus. Long-term clients want sages. There are no gurus.
Security is mostly a superstition; it doesn’t exist in nature.
For all long-term investors, there is only one objective – maximum total real return after taxes.
“Send your grain across the seas,
and in time, profits will flow back to you.
But divide your investments among many places,
for you do not know what risks might lie ahead.
When clouds are heavy, the rains come down…
…Farmers who wait for perfect weather never plant.
If they watch every cloud, they never harvest…
…Plant your seed in the morning and keep busy all afternoon, for you don’t know if profit will come from one activity or another – or maybe both…”
The beginning is the most important part of the work.
A big part of financial freedom is having your heart and mind free from worry about the what-ifs of life.
He who wishes to be rich in a day will be hanged in a year.
Leonardo da Vinci
Everything should be made as simple as possible, but not simpler.
Compound interest is the most powerful force on earth.
It’s not that I am smarter; I just stay with problems longer.
He that cannot abide a bad market, deserves not a good one.
The evidence on investment managers’ success with market timing is impressive – and overwhelmingly negative.
Charles D. Ellis
Money is of a prolific generating nature. Money can beget money, and its offspring can beget more.
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