“In the short-run, the market is a voting machine – reflecting a voter-registration test that requires only money, not intelligence or emotional stability – but in the long- run, the market is a weighing machine.”

A speculator gambles that a stock will go up in price because somebody else will pay even more for it.

Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.

Successful investment may become substantially a matter of techniques and criteria that are learnable, rather than the product of unique and incommunicable mental powers.

Before you place your financial future in the hands of an adviser, it’s imperative that you find someone who not only makes you comfortable but whose honesty is beyond reproach.

It is a misfortune of the times that all of us must needs be amateur economists-including, and perhaps especially, the professionals.

Diversification is an established tenet of conservative investment.

I am more and more impressed with the possibilities of history’s repeating itself on many different counts. You don’t get very far in Wall Street with the simple, convenient conclusion that a given level of prices is not too high.

The story of Joseph in Egypt and of the seven fat and the seven lean years has passed into the homely wisdom of the ages; but our economic thinking seems to have lost contact with so simple and basic approach to prudent management of a nations welfare.

There is something paradoxical in the fact that by establishing an export market we subject our entire domestic production to the vagaries of that market.

Traditionally the investor has been the man with patience and the courage of his convictions who would buy when the harried or disheartened speculator was selling.

Whenever the investor sold out in an upswing as soon as the top level of the previous well-recognized bull market was reached, he had a chance in the next bear market to buy back at one third (or better) below his selling price.

To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.

The underlying principles of sound investment should not alter from decade to decade, but the application of these principles must be adapted to significant changes in the financial mechanisms and climate.

An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.

I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities.

The idea of storage as a solution of economic problems at least has the support of common sense.It is diametrically opposed to the topsy-turvy Alice-in-Wonderland reasoning that has marked so much of our depression thinking and policy.

Life is short, so I am one of those people – and luckily my girlfriend is too – who wants to live everywhere. I don’t know how long I’ll be there, but I like it right now.

Discussions of income inequality, after all, aren’t about prosperity but about petty spite. Why should you care how much money I make, so long as you are happy?

People look with sympathetic eyes only at the blossom and the fruit, and disregard the long period of transition during which the one is ripening into the other.

I learned long ago that when change comes, you gotta slow down and take note of it. In the midst of that change is all the possibility in the world.

I’ve been a professor of mathematics at Harvard and at Yale. At Yale for a long time. But I’m not a mathematician only. I’m a professor of physics, of economics, a long list. Each element of this list is normal. The combination of these elements is very rare at best.

When you’ve been at it for as long as we have, you go through fallow periods and blooming ones, and you know when you’re on a roll and you learn how to keep it rolling for as long as you can.

You’ve got to make haste while it’s still light of day. My godmother used to say, I don’t want to rust out, I just want to work out. If you stand still long enough, people will throw dirt on you.

Achieving price stability is not only important in itself, it is also central to attaining the Federal Reserve’s other mandate objectives of maximum sustainable employment and moderate long-term interest rates.