---

The stock market is filled with individuals who know the price of everything, but the value of nothing.

( Philip Fisher )

Speculation is dealing with the uncertain conditions of the unknown future. Every human action is a speculation in that it is embedded in the flux of time.

( Ludwig von Mises )

Unless you can watch your stock holding decline by 50% without becoming panic stricken, you should not be in the stock market.

( Warren Buffett )

In the short run, the market is a voting machine. In the long run, it is a weighing machine.

( Benjamin Graham )

It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

( Charlie Munger )

No matter what kind of math you use, you wind up measuring volatility with your gut.

( Ed Seykota )

At the root of all financial bubbles is a good idea carried to excess.

( Seth Klarman )