People are always asking me, where is the outlook good, but that’s the wrong question. The right question is: Where is the outlook most miserable.

When one door closes another door opens; but we often look so long and regretfully upon the closed door that we do not see the ones which open for us.

Outperforming the majority of investors requires doing what they are not doing.

A reliable way to make people believe in falsehoods is frequent repetition, because famil­iarity is not easily distinguished from the truth.

Bull markets are born in pessimism, grow on skepticism, mature on optimism, and die of euphoria.