“The market is a pendulum that forever swings between unsustainable optimism and unjustified pessimism. The intelligent investor is a realist who sells to optimists and buys from pessimists.”

Benjamin Graham

But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.

The Intelligent Investor, Rev. Ed (p. 219). HarperCollins e-books. Kindle Edition.

The faster you run, the behinder you get

The intelligent investor should conclude that IPO does not stand only for “initial public offering.” More accurately, it is also shorthand for:

– It’s Probably Overpriced
– Imaginary Profits Only
– Insiders’ Private Opportunity or
– Idiotic, Preposterous, and Outrageous.

The Intelligent Investor, Rev. Ed (p. 154). HarperCollins e-books. Kindle Edition.

A long-term investor is the only kind of investor there is

Don’t just do something, stand there. It’s time for everyone to acknowledge that the term “long-term investor” is redundant. A long-term investor is the only kind of investor there is. Someone who can’t hold on to stocks for more than a few months at a time is doomed to end up not as a victor but as a victim.

The Intelligent Investor, Rev. Ed (p. 150). HarperCollins e-books. Kindle Edition.