"Gold, paintings, or bitcoin are all examples of buying a bigger-idiot type of asset. You can be lucky and find a bigger idiot most of the time, but if you consistently play the same game, once in a while you will be the biggest idiot. You will find yourself holdingthe bag all the way down to market bottoms."

"Traders, as a group, always fall short of investors."

"Your investment in a bank account is as secure as your bank is. If your bank goes bankrupt, so does your investment."

"Liquidity collapse is not the sign of the market bottom. It is instead a sign that the bottom is not far."

"A liquidity crisis is ended by government actions and by government actions only. When you see that governments are providing liquidity support or have started talking about it, it is the time to start buying."

"Traders try to beat the market but don’t understand that cumulatively they are the market."

"The concept that must be learned is that the market can and does fall substantially from its top periodically. Date, scale, and reason can and will be different each time."

"When you deposit your money with a bank, you are giving your money to the bank on loan, and your money is only as secure as your bank is."

"There is no optimal ratio for equity and debt distribution of a portfolio. Different times require different splits."

"The market’s long-term trajectory is upward, which is the only direction the market can go over a long period."