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Increase your bets when you are confident and scale down your positions when you don’t have conviction.

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Market prices are always wrong in the sense that they present a biased view of the future.

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To be successful, you need leisure. You need time hanging heavily on your hands.

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I rely a great deal on animal instincts.

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My sense of insecurity keeps me alert, always ready to correct my errors.

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Short term volatility is greatest at turning points and diminishes as a trend becomes established.

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The object is to recognize the trend whose premise is false, ride that trend and step off before it is discredited.

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The hardest thing to judge is what level of risk is safe.

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I’m not better than the next trader, just quicker at admitting my mistakes and moving on to the next opportunity.

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Making an investment decision is like formulating a scientific hypothesis and submitting it to a practical test.

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