"No investor can have a successful career without a sufficient understanding of fear and keeping it in check."

"The greatest fear of a professional investor, who manages money for a living, is capital withdrawals at the wrong time."

"Individual investors have significant advantages over professional money managers. Retail investors, like you and I, have nobody to report. We have no benchmark to beat and have no fear of capital flight. There are no quarter and year ends, and performance is not linked to calendars."

"Investors need to keep their emotions in check for a successful investment career. It is the most important requirement. It’s even more critical than having access to capital and markets."

"Traders and investors are humans, full of emotions, behavior biases, and good and bad past experiences. We don’t have much control over psychological shortcomings, and we routinely make decisions contaminated with our emotions and biases."

"Economic conditions may differ from period to period, but human psychology is embedded among us and will not change."

"Market participants are humans, and so are their behaviors."

"Somehow, we believe that we have a better chance of winning a game of probabilities, totally disregarding that everybody who is playing the game has the same possibility of winning."

"If you have invested an equal amount in Apple and 1,000 other companies at their inception and all other companies go bankrupt, you are still in profit. This is the power of unlimited gain possibilities and limited loss."

"It is a misconception that diversification will magically reduce the losses. It cannot be far from the truth. Diversification does not reduce losses but provides a weighted average return of your portfolio."