Quotations about   investment

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On the other hand, we denounce with righteous indignation and dislike men who are so beguiled and demoralized by the charms of pleasure of the moment, so blinded by desire, that they cannot foresee the pain and trouble that are bound to ensue; and equal blame belongs to those who fail in their duty through weakness of will, which is the same as saying through shrinking from toil and pain. These cases are perfectly simple and easy to distinguish. In a free hour, when our power of choice is untrammeled and when nothing prevents our being able to do what we like best, every pleasure is to be welcomed and every pain avoided. But in certain circumstances and owing to the claims of duty or the obligations of business it will frequently occur that pleasures have to be repudiated and annoyances accepted. The wise man therefore always holds in these matters to this principle of selection: he rejects pleasures to secure other greater pleasures, or else he endures pains to avoid worse pains.

[At vero eos et accusamus et iusto odio dignissimos ducimus, qui blanditiis praesentium voluptatum deleniti atque corrupti, quos dolores et quas molestias excepturi sint, obcaecati cupiditate non provident, similique sunt in culpa, qui officia deserunt mollitia animi, id est laborum et dolorum fuga. et harum quidem rerum facilis est et expedita distinctio. nam libero tempore, cum soluta nobis est eligendi optio, cumque nihil impedit, quo minus id, quod maxime placeat, facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. temporibus autem quibusdam et aut officiis debitis aut rerum necessitatibus saepe eveniet, ut et voluptates repudiandae sint et molestiae non recusandae. itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.]

Marcus Tullius Cicero (106-43 BC) Roman orator, statesman, philosopher
De Finibus Bonorum et Malorum [On the Ends of Good and Evil], Book 1, sec. 33 (ch. 10) (44 BC) [tr. Rackham (1914)]
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Alt. trans.:
  • "Then again we criticize and consider wholly deserving of our odium those who are so seduced and corrupted by the blandishments of immediate pleasure that they fail to foresee in their blind passion the pain and harm to come. Equally blameworthy are those who abandon their duties through mental weakness -- that is, through the avoidance of effort and pain. It is quite simple and straightforward to distinguish such cases. In our free time, when our choice is unconstrained and there is nothing to prevent us doing what most pleases us, every pleasure is to be tasted, every pain shunned. But in certain circumstances it will often happen that either the call of duty or some sort of crisis dictates that pleasures are to be repudiated and inconveniences accepted. And so the wise person will uphold the following method of selecting pleasures and pains: pleasures are rejected when this results in other greater pleasures; pains are selected when this avoids worse pains." [On Moral Ends, tr. Woolf (2001)]
  • "But in truth we do blame and deem most deserving of righteous hatred the men who, enervated and depraved by the fascination of momentary pleasures, do not foresee the pains and troubles which are sure to befall them, because they are blinded by desire, and in the same error are involved those who prove traitors to their duties through effeminacy of spirit, I mean because they shun exertions and trouble. Now it is easy and and simple to mark the difference between these cases. For at our seasons of ease, when we have untrammelled freedom of choice, and when nothing debars us from the power of following the course that pleases us best, then pleasure is wholly a matter for our selection and pain for our rejection. On certain occasions however either through the inevitable call of duty or through stress of circumstances, it will often come to pass that we must put pleasures from us and must make no protest against annoyance. So in such cases the principle of selection adopted by the wise man is that he should either by refusing cerftain pleasures attain to other and greater pleasures or by enduring pains should ward off pains still more severe." [tr. Reid (1883)]
  • "But we do accuse those men, and think them entirely worthy of the greatest hatred, who, being made effeminate and corrupted by the allurements of present pleasure, are so blinded by passion that they do not foresee what pains and annoyances they will hereafter be subject to; and who are equally guilty with those who, through weakness of mind, that is to say, from eagerness to avoid labour and pain, desert their duty. And the distinction between these things is quick and easy. For at a time when we are free, when the option of choice is in our own power, and when there is nothing to prevent our being able to do whatsoever we choose, then every pleasure may be enjoyed, and every pain repelled. But on particular occasions it will often happen, owing whether to the obligations of duty or the necessities of business, that pleasures must be declined and annoyances must not be shirked. Therefore the wise man holds to this principle of choice in those matters, that he rejects some pleasures, so as, by the rejection to obtain others which are greater, and encounters some pains, so as by that means to escape others which are more formidable." [On the Chief Good and Evil, tr. Yongue (1853)]
Added on 17-Aug-20 | Last updated 17-Aug-20
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It is difficult to get a man to understand something, when his salary depends upon his not understanding it!

Upton Sinclair (1878-1968) American writer, journalist, activist, politician
I, Candidate for Governor: And How I Got Licked, ch. 20 (1935)
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A regular comment of his on the campaign trail. The wording is Sinclair's, though there are earlier references with the same sentiment (see here for more discussion).

Often misattributed to H. L. Mencken. (e.g., "Never argue with a man whose job depends on not being convinced") though not found in his work.
Added on 16-Jul-20 | Last updated 16-Jul-20
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Long books, when read, are usually overpraised, because the reader wants to convince others and himself that he has not wasted his time.

E. M. Forster (1879-1970) English novelist, essayist, critic, librettist [Edward Morgan Forster]
Commonplace Book (1985) [ed. Gardner]
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Added on 13-May-20 | Last updated 13-May-20
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I took such pains not to keep my money in the house, but to put it out of the reach of burglars by buying stock, and had no guess that I was putting it into the hands of these very burglars now grown wiser and standing dressed as Railway Directors.

Ralph Waldo Emerson (1803-1882) American essayist, lecturer, poet
Journal (1857)
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Added on 10-Mar-20 | Last updated 10-Mar-20
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Markets can remain irrational a lot longer than you and I can remain solvent.

John Maynard Keynes (1883-1946) English economist
(Attributed)

Generally credited to Keynes, but the earliest reference found is by financial analyst A. Gary Shilling, "Scoreboard," Forbes (15 Feb 1993). More discussion here.

Sometimes given as "Markets can remain irrational longer than you can remain solvent" or "Markets can stay irrational longer than you can stay solvent."
Added on 11-Apr-17 | Last updated 11-Apr-17
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Books constitute capital. A library book lasts as long as a house, for hundreds of years. It is not, then, an article of mere consumption but fairly of capital. and often in the case of professional men, setting out in life, it is their only capital.

Thomas Jefferson (1743-1826) American political philosopher, polymath, statesman, US President (1801-09)
Letter to James Madison (Sep 1821)
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Added on 19-Jan-17 | Last updated 9-Feb-17
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The old saying holds. Owe your banker £1000 and you are at his mercy; owe him £1 million and the position is reversed.

John Maynard Keynes (1883-1946) English economist
“Overseas Financial Policy in Stage III” (15 May 1945)

Unpublished memo distributed to the British Cabinet. Variant: "If you owe your bank a hundred pounds, you have a problem. But if you owe a million, it has."
Added on 20-Dec-16 | Last updated 20-Dec-16
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The ignorance of even the best-informed investor about the more remote future is much greater than his knowledge, and he cannot but be influenced to a degree which would seem wildly disproportionate to anyone who really knew the future, and be forced to seek a clue mainly here to trends further ahead. But if this is true of the best-informed, the vast majority of those who are concerned with the buying and selling of securities know almost nothing whatever about what they are doing. They do not possess even the rudiments of what is required for a valid judgement, and are the prey of hopes and fears easily aroused by transient events and as easily dispelled.

John Maynard Keynes (1883-1946) English economist
A Treatise on Money, Vol. 2 (1930)
Added on 6-Dec-16 | Last updated 6-Dec-16
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Remember that children, marriages, and flower gardens reflect the kind of care they get.

Brown - reflect the kind of care they get - wist_info quote

H. Jackson "Jack" Brown, Jr. (b. 1940) American writer
Life’s Instructions for Wisdom, Success, and Happiness (2001)
Added on 30-Aug-16 | Last updated 30-Aug-16
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Investment must be rational. If you can’t understand it, don’t do it.

Warren Buffett (b. 1930) American investor and financier
“About Investing: Only Buy Securities That You Understand,” Warren Buffett Speaks (1997)
Added on 17-Jul-14 | Last updated 17-Jul-14
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Buy old masters. They fetch a better price than old mistresses.

Max Aitken, Lord Beaverbrook (1879-1964) Anglo-Canadian business tycoon, publisher, politician, writer
(Attributed)
Added on 29-Apr-14 | Last updated 29-Apr-14
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October: This is one of the peculiarly dangerous months to speculate in stocks. The others are: July, January, September, April, November, May, March, June, December, August, and February.

Mark Twain (1835-1910) American writer [pseud. of Samuel Clemens]
The Tragedy of Pudd’nhead Wilson, ch. 13, epigraph (1894)
Added on 17-Apr-14 | Last updated 17-Apr-14
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Private enterprise did not get us atomic energy.

John Kenneth Galbraith (1908-2006) Canadian-American economist, diplomat, author
The Affluent Society, ch. 25, sec. 3 (1958)
Added on 11-May-12 | Last updated 14-Jan-20
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One generation plants the trees, and another gets the shade.

Other Authors and Sources
Chinese proverb
Added on 7-Dec-07 | Last updated 11-Feb-20
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I am rarely happier than when spending entire day programming my computer to perform automatically a task that it would otherwise take me a good ten seconds to do by hand.

Douglas Adams (1952-2001) English writer
Last Chance to See, ch. 2 (1991)
Added on 30-Oct-07 | Last updated 26-Aug-14
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Dig the well before you are thirsty.

Other Authors and Sources
Chinese proverb
Added on 1-Feb-04 | Last updated 11-Feb-20
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Lending to a spendthrift is like pelting a trespassing dog with meat dumplings.

Other Authors and Sources
Chinese proverb
Added on 1-Feb-04 | Last updated 11-Feb-20
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