John Maynard Keynes

“Successful investing is anticipating the anticipation of others.”

“The avoidance of taxes is the only intellectual pursuit that still carries any reward.”

“The market can stay irrational a lot longer than you can stay solvent.”

Sir John Templeton
Founder of Templeton Funds

“Bull markets are born on pessimism, grown on skepticism, mature on optimism, and die on euphoria. The time of maximum optimism is the best time to sell.”

“An investor who has all the answers doesn’t even understand the question.”

“Success is a process of continually seeking answers to new questions.”

“People are always asking me where the outlook is good, but that’s the wrong question … The right question is:  Where is the outlook the most miserable?”

“Focus on value, because most investors focus on outlooks and trends.”

“Sell when you find a much better bargain to replace what you are selling.”


Warren Buffett
Chairman, Berkshire Hathaway

“Be fearful when others are greedy. Be greedy when others are fearful.”

Shelby Cullom Davis
Founder of the Davis Investment Discipline

“You make most of your money in a bear market, you just don’t realize it at the time.”
Jean-Jacques Rousseau
Philosopher, Writer, Composer

“Patience is bitter, but its fruit is sweet.”


Benjamin Graham
Father of Value Investing

“The essence of investment management is the management of risks, not the management of returns.”

“Individuals who cannot master their emotions are ill-suited to profit from the investment process.”

Jean-Marie Eveillard
Investor, First Eagle Funds
On contrarian investing:

“The hardest part about value investing is waiting around for others to discover that you’re right.”

“Value investors must be willing to suffer short-term pain for long-term gain.”

“We’re not talking about a sprint, we’re talking about a marathon.”

“It’s warmer inside the herd, but it’s also easier to fall off the cliff.”

On preservation of capital:

“I’d rather lose half my shareholders than half my shareholders’ money.”

“You can’t eat relative returns.”

“The key to creating wealth is to start by not losing any.”