André Kostolany
Wer lesen kann, ist klar im Vorteil: Das gilt auch und gerade an der Börse. Noch immer zählt der Spruch von Altmeister André Kostolany: "Börsengewinne sind Schmerzensgeld. Erst kommen die Schmerzen, dann das Geld."
The big money is not in the buying or the selling, but in the waiting.
If you took our top fifteen decisions out, we’d have a pretty average record. It wasn’t hyperactivity, but a hell of a lot of patience. You stuck to your principles and when opportunities came along, you pounced on them with vigor.
It is remarkable how much long term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.
We recognized early on that very smart people do very dumb things, and we wanted to know why and who, so that we could avoid them.
Beta and modern portfolio theory and the like – none of it makes any sense to me. We’re trying to buy businesses with sustainable competitive advantages at a low, or even a fair, price.
Nearly every time I strayed from the herd, I’ve made a lot of money. Wandering away from the action is the way to find the new action.
-Jim Rogers
This company looks cheap, that company looks cheap, but the overall economy could completely screw it up. The key is to wait. Sometimes the hardest thing to do is to do nothing.
-David Tepper
The stock market is a device for transferring money from the impatient to the patient.
-Warren Buffett
Gambling is a tax on ignorance. People often gamble because they think they can win, they’re lucky, they have hunches, that sort of thing, whereas in fact, they’re going to be remorselessly ground down over time.
-Edward O. Thorp
Investing is not a game where the guy with the 160 IQ beats the guy with the 130 IQ. Once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing.
-Warren Buffett
After a stock market decline, people may perceive more risk than before when, in fact, the decline may have taken some of the risk out of the market.
-Robert Shiller
1. You don’t need perfect timing to achieve marvelous returns. Time in the market beats timing the market – almost always.
-Ken Fisher
2. Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas.
-Paul Samuelson
3. If you want to succeed in investments, start early and try hard and keep doing it. All success comes that way, by and large.
-Charlie Munger
4. You can lose money very fast, in two months, but you very rarely make money very fast in the stock market. When I look back, my great stocks took a long time to work out.
-Peter Lynch
5. Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it.
-Albert Einstein
6. The time component of compounding is why 99% of Warren Buffett’s net worth came after his 50th birthday, and 97% came after he turned 65.
-Morgan Housel
7. If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes.
-Warren Buffett
8. In the short run, the market is a voting machine but in the long run, it is a weighing machine.
-Benjamin Graham
