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- “The essence of investment management is the management of risks, not the management of returns. ”
- "You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right."
Investing and Emotions
- "Individuals who cannot master their emotions are ill-suited to profit from the investment process."
- "Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble...to give way to hope, fear and greed."