“Always buy your straw hats in the Winter”

Speculators often prosper through ignorance; it is a cliché that in a roaring bull market knowledge is superfluous and experience is a handicap. But the typical experience of the speculator is one of temporary profit and ultimate loss

In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.

Never mingle your speculative and investment operations in the same account nor in any part of your thinking.

Although there are good and bad companies, there is no such thing as a good stock; there are only good stock prices, which come and go.

Real investment risk is measured not by the percent that a stock may decline in price in relation to the general market in a given period, but by the danger of a loss of quality and earnings power through economic changes or deterioration in management.

By developing your discipline and courage, you can refuse to let other people’s mood swings govern your financial destiny. In the end, how your investments behave is much less important than how you behave.

Mr. Market’s job is to provide you with prices; your job is to decide whether it is to your advantage to act on them. You no not have to trade with hime just because he constantly begs you to.

In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities.

The intelligent investor is a realist who sells to optimists and buys from pessimists.

At heart, “uncertainty” and “investing” are synonyms.

The Reservoir plan is an engineering mechanism applied to the field of economics, and in its essence it has nothing to do with democracy or any other political philosophy.

We define a bargain issue as one which, on the basis of facts established by analysis, appears to be worth considerably more that it is selling for.

The defensive (or passive) investor will place chief emphasis on the avoidance of serious mistakes or losses. His second aim will be freedom from effort, annoyance, and the need for making frequent decisions.

Even the most conservative must realize that the recent transformation of surplus from an individual to a national disaster implies a scathing indictment of our capitalist system as it has now developed.

A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.

Do not let anyone else run your business

I feel that I am just a storyteller, and whether I am wearing the director hat or the playwright hat, it doesn’t matter.

I enjoy hats. And when one has filthy hair, that is a good accessory.

Kissing power is stronger than will power: Girls need to “prove their love” like a moose needs a hat rack.

We all experienced sleep deprivation at times – hat is the nature of stress but a physically exhausted leader routinely makes poor decisions in times of crisis.

It’s important to accessorise. I always turn to the scarves, hats and sunglasses. But wearing too many accessories at once can look very bad.

Even if I wore a hat and a wig, you can always tell it’s me.

Australian schools have cool uniforms. I wish I had to wear a woven straw hat for maths.

A woman’s education consists of two lessons: never leave the house without stocking, never go out without a hat.