What's Hot Today Isn't Likely

It Takes 150 Years To Build An Investment Bank And Only Five Minutes To Convince You To Sell Me Preferred Stock In It At A 10% Interest Rate.

Every Day That Goes By, I Mean, If You Don't React To Pearl Harbor For A Week Or Two Weeks Or Three Weeks, You're Behind In The War That You Otherwise Would Have Fought.

A Pin Lies In Wait For Every Bubble. And When The Two Eventually Meet, A New Wave Of Investors Learns Some Very Old Lessons: First, Many In Wall Street (a Community In Which Quality Control Is Not Prized) Will Sell Investors Anything They Will Buy. Second, Speculation Is Most Dangerous When It Looks Easiest.

My Idea Of A Group Decision Is To Look In The Mirror.

Do Not Take Yearly Results Too Seriously. Instead, Focus On Four Or Five-year Averages.