Speculative Investing Quotes

You don't get rewarded for taking risk; you get rewarded for buying cheap assets. And if the assets you bought got pushed up in price simply because they were risky, then you are not going to be rewarded for taking a risk; you are going to be punished for it.

I believe the very best money is made at the market turns. Everyone says you get killed trying to pick tops and bottoms and you make all your money by playing the trend in the middle. Well for twelve years I have been missing the meat in the middle but I have made a lot of money at tops and bottoms.

A pin lies in wait for every bubble. And when the two eventually meet, a new wave of investors learns some very old lessons: First, many in Wall Street (a community in which quality control is not prized) will sell investors anything they will buy. Second, speculation is most dangerous when it looks easiest.

Shorts wager on price declines by selling shares that they have borrowed in the hope of buying them back at far lower prices.

Stock market bubbles don't grow out of thin air. They have a solid basis in reality, but reality as distorted by a misconception.

For every Tesla or Uber, there's a Valeant Pharmaceuticals or Theranos - two story stocks that seduced an astounding array of prominent investors and supporters based on stories that did turn out to be too good to be true.

If your investing approach requires that you become Nostradamus to succeed, then you are destined to fail.

The people who are buying stocks because they're going up and they don't know what they do deserve to lose money.

As the Nasdaq soared in 1999 and early 2000, demand for many offerings far exceeded the supply of shares available at the initial offering price.

The chief obstacle to success lies in the stubborn fact that if the favorable prospects of a concern are clearly apparent they are almost always reflected already in the current price of the stock. Buying such an issue is like betting on a topheavy favorite in a horse race. The chances may be on your side, but the real odds are against you.

Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected.

Many investors make the mistake of buying high and selling low while the exact opposite is the right strategy.

Diving into Internet speculation is like playing with the devil. It's tempting, of course.

… a pin lies in wait for every bubble. And when the two eventually meet, a new wave of investors learns some very old lessons..

I don't really like hedging. To me, if something needs to be hedged, you shouldn't have a position in it.

You must never delude yourself into thinking that you're investing when you're speculating.

In the 1920s, Wall Street was a world that was really dominated by professional speculators and stock pools. These people had a monopoly over information.

If some stock categories get too hot-and-pricey, mass supply is created via stock offerings to tap that cheap money - and, when overdone, drives it all down.

Confusing speculation with investment is always a mistake.

In principle, junk bonds are basically useful, but they are used excessively and irrationally, notably in takeovers.

For some reason, people take their cues from price action rather than from values. What doesn't work is when you start doing things that you don't understand or because they worked last week for somebody else. The dumbest reason in the world to buy a stock is because it's going up.

The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.

By incentivizing Wall Street players to sniff out inefficient or corrupt companies and bet against them, short-selling acts as a sort of policing system; legal short-sellers have been instrumental in helping expose firms like Enron and WorldCom.

I get very worried that people that are buying bitcoins don't really understand what they're participating in other than the headline stories that it keeps going higher and 'I want to make sure I don't miss this opportunity to make some money.'

As the bull market goes on, people who take great risks achieve great rewards, seemingly without punishment. It's like crime without punishment or sex without sin.