The hardest thing over the years has been having the courage to go against the dominant wisdom of the time to have a view that is at variance with the present consensus and bet that view. The hard part is that the investor must measure himself not by his own perceptions of his performance, but by the objective measure of the market. The market has its own reality. In an immediate emotional sense the market is always right so if you take a variant point of view you will always be bombarded for some time by conventional wisdom as expressed by the market.
The Orthodox believe in Jewish literacy, and most of the rest of us couldn’t care less. Rabbis and other creatures have a monopoly on Judaism. This is a turnoff in a world that is increasingly secular and that has turned away from religion. Jews are simply turning away from Judaism.
A little part of my life is built around ancient art.
Be intellectually competitive. The key to research is to assimilate as much data as possible in order to be to the first to sense a major change.
Make all your mistakes early in life. The more tough lessons early on, the fewer errors you make later.
Make good decisions even with incomplete information. You will never have all the information you need. What matters is what you do with the information you have.
Always trust your intuition, which resembles a hidden supercomputer in the mind. It can help you do the right thing at the right time if you give it a chance.
Somehow, in a business [securities trading] so ephemeral, the notion of going home each day, for as many days as possible, having made a profit – that’s what was so satisfying tome.
Good investing is a peculiar balance between the conviction to follow your ideas and the flexibility to recognize when you have made a mistake.
I was happier when pursuing success than I was when savouring its fruits; the attraction, perhaps the addiction, was in the process, as much as in its end.
Now people are charging much fancier fees, and they do not make the same demands on themselves. I was always anxious that my fees were egregious and that I had to have the best performance in the world to justify them.