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Risk Management
Bruce Kovner
First, I would say that risk management is the most important thing to be well understood.
Momentum investing
Richard H. Driehaus
I believe far more money is made buying high and selling at even higher prices.
Contrarian patience
Warren Buffett
Beware the investment activity that produces applause; the great moves are usually greeted by yawns.
Market breadth
Bob Farrell
Markets are strongest when they are broad and weakest when they narrow to a handful of blue-chip names.
Market forecasting and humility
Paul A. Samuelson
The stock market has forecast nine of the last five recessions.
Market Humility
Ed Seykota
It can be very expensive to try to convince the markets you are right.
Capacity Discipline
David Swensen
Size is the enemy of performance.
Valuation Discipline
Benjamin Graham
The margin of safety is always dependent on the price paid.
Value Investing
Seth A. Klarman
Value investing lies at the intersection of economics and psychology.
Emotional Discipline
Walter Schloss
Fear and greed are probably the worst emotions to have in connection with the purchase and sale of stocks.
Valuation discipline
Aswath Damodaran
A good valuation is a bridge between story and numbers.
Uncertainty and risk management
Peter L. Bernstein
The fundamental law of investing is the uncertainty of the future.
Patience and compounding
Charlie Munger
The big money is not in the buying and selling, but in the waiting.
Trend following and market turning points
George Soros
Most of the time we are punished if we go against the trend. Only at an inflection point are we rewarded.
Market Cycles
Howard Marks
In the end, trees don't grow to the sky, and few things go to zero.
Costs and compounding
John C. Bogle
You get precisely what you don't pay for.
Risk management and position sizing
Richard Dennis
Trade small because that's when you are as bad as you are ever going to be. Learn from your mistakes.
Know What You Own
Peter Lynch
If you can't explain to a 10-year-old in two minutes or less why you own a stock, you shouldn't own it.