---

Stocks are bought on expectations, not facts.

( Gerald M. Loeb )

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 )

There are old traders and there are bold traders, but there are very few old, bold traders.

( Ed Seykota )

The investor’s chief problem — and even his worst enemy — is likely to be himself.

( Benjamin Graham )

If you want a guarantee, buy a toaster.

( Clint Eastwood )

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

( Sir John Templeton )

There is nothing riskier than the widespread perception that there is no risk.

( Howard Marks )