Learn every day

Learn every day, but especially from the experiences of others. It's cheaper!

- John Bogle

Unpopularity as a measure

Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group…then to hell with them.

- Charles Munger

Three steps

Determine value apart from price; progress apart from activity; wealth apart from size.

- Charles Munger

Entitled to opinion

I'm not entitled to have an opinion unless I can state the arguments against my position better than the people who are in opposition. I think that I am qualified to speak only when I've reached that state.

- Charles Munger

IPO's

Investors should be very wary of purchasing today's hot issue. Most initial public offerings underperform the stock market as a whole. The managers of the companies themselves try to time their sales to coincide with a peak in the prosperity of their companies.

- Burton Malkiel

Bet big when you have the odds

It's not given to human beings to have such talent that they can just know everything about everything all the time. But it is given to human beings who work hard at it - who look and sift the world for a mispriced bet - that they can occasionally find one. And the wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time they don't. It's just that simple.

- Charles Munger

How to succeed

If you are honest, hardworking, reasonably intelligent and have good common sense, you can do well in the investment field as long as you are not too greedy and don't get too emotional when things go against you.

- Walter Schloss

Stare at the ticker?

What's the sense in getting rich if you just stare at the ticker tape all day?

- Warren Buffett

It will happen again

I'm sure a crash like 1929 will happen again. The only thing is that one doesn't know when. All it takes for another collapse is for the memories of the last insanity to dull.

- John Kenneth Galbraith