Words of Wisdom

Risk means more things can happen than will happen. ~ Elroy Dimson

The market can remain irrational longer than you can remain solvent. ~ John Maynard Keynes

��Prices are too high�� is far from synonymous with ��the next move will be downward.�� Things can be overpriced and stay that way for a long time . . . or become far more so.

No asset class or investment has the birthright of a high return. It��s only attractive if it��s priced right.

It has been demonstrated time and time again that no asset is so good that it can��t become a bad investment if bought at too high a price. And there are few assets so bad that they can��t be a good investment when bought cheap enough.

Investment success doesn��t come from ��buying good things,�� but rather from ��buying things well.��

Being too far ahead of your time is indistinguishable from being wrong.

In the world of investing, being correct about something isn't at all synonymous with being proved correct right away.

There��s no question about it: it��s harder to see the future than the present.

You cannnot see your relfection in running water, only in still water.

A real man doesn\'t love a million girls, he loves one girl in million ways.

Don\'t cry because it\'s over. Smile because it happened.

Abstention on the part of those who won��t venture in creates opportunities for those who will.

Many of the best bargains at any point in time are found among the things other investors can��t or won��t do.

One of the great sayings about poker is that ��in every game there��s a fish. If you��ve played for 45 minutes and haven��t figured out who the fish is, then it��s you.��

If riskier investments could be counted on to produce higher returns, they wouldn��t be riskier.

In theory there��s no difference between theory and practice, but in practice there is. ~ Yogi Berra

You can��t do the same things others do and expect to outperform. . . .Unconventionality shouldn��t be a goal in itself, but rather a way of thinking.

In basketball they say, ��You can��t coach height,�� meaning all the coaching in the world won��t make a player taller.

As with any other art form, some people just understand investing better than others. They have�X or manage to acquire�X that necessary ��trace of wisdom�� that Ben Graham so eloquently calls for.

Investing, like economics, is more art than science. And that means it can get a little messy.

An investment approach may work for a while, but eventually the actions it calls for will change the environment, meaning a new approach is needed.

If others emulate an approach, that will blunt its effectiveness.

Psychology plays a major role in markets, and because it��s highly variable, cause-and-effect relationships aren��t reliable.

No rule always works.

Valid approaches work some of the time but not all.

Investing can��t be reduced to an algorithm and turned over to a computer.

Even the best investors don��t get it right every time.

Few people have what it takes to be great investors.

Everything should be made as simple as possible, but not simpler. ~ Albert Einstein