All
Risk and valuation
Seth Klarman
Risk is not inherent in an investment; it is always relative to the price paid.
Risk management and capital preservation
Peter L. Bernstein
Survival is the only road to riches.
Discipline over speculation
Benjamin Graham
The individual investor should act consistently as an investor and not as a speculator.
Capital preservation
Jean-Marie Eveillard
I would rather lose half my shareholders than lose half of my shareholders' money.
Speculation, expected value, market efficiency
Louis Bachelier
The mathematical expectation of the speculator is zero.
Adaptability
Thomas Rowe Price Jr.
Change is the investor's only certainty.
Contrarian timing
Sir James Goldsmith
If you see a bandwagon, it's too late to get on it.
Humility and Sell Discipline
John Neff
When you feel like bragging, it's probably time to sell.
Risk Discipline
Rakesh Jhunjhunwala
Respect the market. Have an open mind. Know what to stake. Know when to take a loss. Be responsible.
Valuation discipline
Joel Greenblatt
The secret to successful investing is relatively simple: Figure out the value of something and then - pay a lot less.
Diligent Research
Peter Lynch
The person that turns over the most rocks wins the game. And that's always been my philosophy.
Risk management
Julian Robertson
It's to avoid big losses. That's the way to really make money over the years.
Long-term expectations
John Maynard Keynes
Investment based on genuine long-term expectation is so difficult to-day as to be scarcely practicable.
Patience
Paul Samuelson
Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas.
Discipline and execution
Richard Dennis
I always say that you could publish trading rules in the newspaper and no one would follow them.
Trading psychology
Ed Seykota
Win or lose, everybody gets what they want out of the market.
Market psychology
Gerald M. Loeb
The most important single factor shaping security markets is public psychology.
Price Discipline
Howard Marks
Good investing doesn't come from buying good things, but from buying things well.