621 Quotes About Investing

Every economist knows that minimum wages either do nothing or cause inflation and unemployment. That's not a statement, it's a definition.

...theories should be judged by their ability to predict events rather than by the realism of their assumptions.

Illusions commend themselves to us because they save us pain and allow us to enjoy pleasure instead. We must therefore accept it without complaint when they sometimes collide with a bit of reality against which they are dashed to pieces.

I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said.

This decade is strewn with examples of bright people who thought they built a better mousetrap that could consistently extract abnormal returns from the financial markets. Some succeed for a time. But while there may occasionally be mis-configurations among market prices that allow abnormal returns, they do not persist.

The value of any investment is, and always must be, a function of the price you pay for it.

A speculator gambles that a stock will go up in price because somebody else will pay even more for it.

Confusing speculation with investment is always a mistake.

The most striking thing about Graham's discussion of how to allocate your assets between stocks and bonds is that he never mentions the word "age".