“Understanding the value of a security and whether it's trading above or below that value is the difference between investing and speculating.”

“What the efficient market hypothesis doesn't account for is that people are not always rational. Just ask any divorce lawyer.”

“The cycle of optimism and euphoria leading to greed, fear and capitulation, giving way to hope and building back to optimism, drives the expansion and contraction of our financial world in a market cycle of collective human emotion.”

“For every transaction, there is someone willing to buy and someone willing to sell at an agreed price, both believing that it's good value and that the counterparty is a little crazy.”

“Understanding the value of a security and whether it's trading above or below that value is the difference between investing and speculating.”

“Innate human tendencies were meant to help us survive the wilderness, not make investment decisions.”

“Volatility in the up direction is not a problem-it's only downward volatility that offers discourse.”