Words of Wisdom

It��s only when the tide goes out that you find out who��s been swimming naked. ~

It all happened because investors believed too much, worried too little and thus took too much risk. In short, they believed they were living in a low-risk world.

The risk-is-gone myth is one of the most dangerous sources of risk, and a major contributor to any bubble.

Risk cannot be eliminated; it just gets transferred and spread.

The most valuable lessons are learned in tough times.

Good times teach only bad lessons: that investing is easy, that you know its secrets, and that you needn��t worry about risk.

Many futures are possible, but only one future occurs.

The fact that something happened doesn��t mean it was bound to happen, and the fact that something didn��t happen doesn��t mean it was unlikely.

A fundamentally weak asset �X a less-than-stellar company��s stock, a speculative-grade bond or a building in the wrong part of town �X can make for a very successful investment if bought at a low-enough price.

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.