I found it one of the hardest things to learn. Men who can both be right and sit tight are uncommon. To make big money, you have to learn to be patient. I have learned that a man may possess an original mind and a lifelong habit of independent thinking and withal be vulnerable to attacks by a persuasive personality.ħ.
Even the best among us are vulnerable to authority bias.
In fact, of all hoodoos in Wall Street I think the resolve to induce the stock market to act as a fairy godmother is the busiest and most persistent.Ħ. I could build a huge hospital with the birthday presents that the tight-fisted stock market has refused to pay for. There isn't a man in Wall Street who has not lost money trying to make the market pay for an automobile or a bracelet or a motor boat or a painting. The stock market isn't there to oblige your needs. People who look for easy money invariably pay for the privilege of proving conclusively that it cannot be found on this sordid earth.ĥ. There is no such thing as "easy money" in the stock market. No man can always have adequate reasons for buying or selling stocks daily or sufficient knowledge to make his play an intelligent play.Ĥ. There is the plain fool, who does the wrong thing at all times everywhere, but there is the Wall Street fool, who thinks he must trade all the time. There's a lot of truth to Blaise Pascal's quote, "All men's miseries derive from not being able to sit in a quiet room alone." He will risk half his fortune in the stock market with less reflection than he devotes to the selection of a medium-priced automobile.ģ. The one game of all games that really requires study before making a play is the one he goes into without his usual highly intelligent preliminary and precautionary doubts. It is unwise to invest in the stock market if you don't know what you're doing.
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