“If you're 35, 45, or even 55 - you have a very long time horizon - 40 years or vastly more. That is you, and/or your spouse, are likely to live about that long, and you'll be investing the whole way.”
“In history, the evidence is overwhelming: Stock market bottoms happen, and then stocks jolt upwards while the economy keeps getting worse - sometimes by a lot and for a long time.”
“In the early days, I promoted the idea of spending time in libraries to gain facts that other investors didn't have. Not many people did that kind of research, so it worked.”
“In the world I've known most of my life, old stories quickly lose their power over capital markets and get replaced by new surprises. That which everyone fixates on gets priced into the stock market quickly and can't drag on.”
“Indeed, bull markets are fueled by successive waves of prior skeptics finally capitulating as their fears fade. Eventually, fear turns to euphoria, and that's the stuff of bubbles.”
“Investors covet past improvements but also always believe pricing unimaginable future creativity and efficiency gains is Pollyannaish. And they're always wrong. Bet on it.”
“Italians have always had a high savings rate. They love putting their money into their own government bonds - even more than in houses, stocks and gold. The higher rates climb, the happier they are to invest. So if austerity plans drive rates up, it's music to Italian ears.”
“Long before folks fretted the demise of 'quantitative easing,' I fretted its existence. It proved the reverse of its image, an antistimulus, and we've done okay not because of it, but despite it.”
“Most investors give too much credence to the theory that prices are rational; they presume that a market collapse must have been justified by serious economic trouble.”
“My advice is this: If you want to buy funds, buy no-loads, because you'll spare yourself the commission. But every time you sell, whether you buy another fund or not, put 5% into an account for your spouse to blow on whatever. Two things will happen. Your spouse will love you, and you will find yourself holding longer - like a load-fund investor.”