"As a group, traders’ net return will always be lower than investors by the amount of transaction cost, plus research expenses."

"All of us need to invest our capital to achieve financial freedom, but most of us are not equipped with the soul and skills to have concentrated portfolios."

"Markets are not efficient enough to incorporate actual inherent risk, given information bias, and emotionally challenged participants. Instead, prices are adjusted up to the cumulative perceived risk of all participants."

"Investing is not a war or revolution or anything close to this. You are in this business to make an honest profit."

"An investment made with prudence and caution and keeping all of the rules of self-discipline and risk management is a better investment. It’s better, even if it has ended with a loss."

"The success of an investment is all about its execution and is not about its outcome."

"Predicting a downturn is not critical. The important thing is what you do when a significant downturn happens."

"Putting money in a savings account is not going to make anybody rich. It is making the depositors poor every day if you count the inflation."

"Money managers tend to make irrational decisions just to protect their calendar year performances, even if they believe that decision is not in the best interest of investors."

"Capital withdrawals by investors can torpedo investment strategies of money managers at the worst possible time."