Investor Quotes

The intelligent investor is a realist who sells to optimists and buys from pessimists.

An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.

Philosophers are very patient people, but engineers are far less patient, and investors are the least patient of all.

But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.

Investing has the best results when you learn from nature.

The stock investor is neither right or wrong because others agreed or disagreed with him; he is right because his facts and analysis are right.

Those who do not remember the past are condemned to repeat it.

People who invest make money for themselves; people who speculate make money for their brokers.

Develop into a lifelong self-learner through voracious reading; cultivate curiosity and strive to become a little wiser every day.

An investor should act as though he had a lifetime decision card with just twenty punches on it.

There are old investors, and there are bold investors, but there are no old bold investors.

Investors should be skeptical of history-based models. Constructed by a nerdy-sounding priesthood using esoteric terms such as beta, gamma, sigma and the like, these models tend to look impressive. Too often, though, investors forget to examine the assumptions behind the models. Beware of geeks bearing formulas.

I believe in the discipline of mastering the best that other people have ever figured out. I don’t believe in just sitting down and trying to dream it all up yourself. Nobody’s that smart.

Unrealistic profit projections are not going to win you the trust of your investors.

Remember that reputation and integrity are your most valuable assets—and can be lost in a heartbeat.

invest only if you would be comfortable owning a stock even if you had no way of knowing its daily share price.3

Promise yourself to stop buying into people’s potential. You’re not a start-up investor.

Envy is a really stupid sin because it’s the only one you could never possibly have any fun at. There’s a lot of pain and no fun. Why would you want to get on that trolley?

I like to say, “Experience is what you got when you didn’t get what you wanted.

The power of "can't": The word "can't" makes strong people weak, blinds people who can see, saddens happy people, turns brave people into cowards, robs a genius of their brilliance, causes rich people to think poorly, and limits the achievements of that great person living inside us all.

calling someone who trades actively in the market an investor “is like calling someone who repeatedly engages in one-night stands a romantic.

Investment success doesn’t come from “buying good things,” but rather from “buying things well.

Technology tends toward avoidance of risks by investors. Uncertainty is ruled out if possible. People generally prefer the predictable. Few recognize how destructive this can be, how it imposes severe limits on variability and thus makes whole populations fatally vulnerable to the shocking ways our universe can throw the dice.

If something is too hard, we move on to something else. What could be simpler than that?

So smile when you read a headline that says “Investors lose as market falls.” Edit it in your mind to “Disinvestors lose as market falls—but investors gain.” Though writers often forget this truism, there is a buyer for every seller and what hurts one necessarily helps the other. (As they say in golf matches: “Every putt makes someone happy.”)

On the other hand, investing is a unique kind of casino—one where you cannot lose in the end, so long as you play only by the rules that put the odds squarely in your favor.

We need a moderately-priced stock market… The market, like the Lord, helps those who help themselves. But, unlike the Lord, the market does not forgive those who know not what they do. For the investor, a too-high purchase price for the stock of an excellent company can undo the effects of a subsequent decade of favorable business developments.

When unions get higher wages for their members by restricting entry into an occupation, those higher wages are at the expense of other workers who find their opportunities reduced. When government pays its employees higher wages, those higher wages are at the expense of the taxpayer. But when workers get higher wages and better working conditions through the free market, when they get raises by firm competing with one another for the best workers, by workers competing with one another for the best jobs, those higher wages are at nobody's expense. They can only come from higher productivity, greater capital investment, more widely diffused skills. The whole pie is bigger - there's more for the worker, but there's also more for the employer, the investor, the consumer, and even the tax collector. That's the way the free market system distributes the fruits of economic progress among all people. That's the secret of the enormous improvements in the conditions of the working person over the past two centuries.

As the Danish philosopher Søren Kierkegaard noted, life can only be understood backwards—but it must be lived forwards.

When we invest, It’s about the big picture, and having a holistic approach to investing

A good investor is prudent but not risk averse.

If the reason people invest is to make money, then in seeking advice they are asking others to tell them how to make money. That idea has some element of naïveté.

Richard Feynman, the great physicist, once said, “Imagine how much harder physics would be if electrons had feelings.” Well, investors have feelings

Being an investor is very different than being an entrepreneur or businessperson. They require different skill sets. They aren’t the same.

A lot of people with high IQs are terrible investors because they’ve got terrible temperaments. And that is why we say that having a certain kind of temperament is more important than brains. You need to keep raw irrational emotion under control. You need patience and discipline and an ability to take losses and adversity without going crazy. You need an ability to not be driven crazy by extreme success.

The punches you miss are the ones that wear you out. —Boxing trainer Angelo Dundee

Mimicking the herd invites regression to the mean (merely average performance).

Obvious prospects for physical growth in a business do not translate into obvious profits for investors.

There’s a big difference between probability and outcome. Probable things fail to happen—and improbable things happen—all the time.” That’s one of the most important things you can know about investment risk.

The market is a pendulum that forever swings between unsustainable optimism (which makes stocks too expensive) and unjustified pessimism (which makes them too cheap). The Intelligent Investor is a realist who sells to optimists and buys from pessimists.

Specific knowledge is found much more by pursuing your innate talents, your genuine curiosity, and your passion. It’s not by going to school for whatever is the hottest job; it’s not by going into whatever field investors say is the hottest.

You will be much more in control, if you realize how much you are not in control.

Americans are getting stronger. Twenty years ago, it took two people to carry ten dollars’ worth of groceries. Today, a five-year-old can do it. —Henny Youngman

Ultimately, Investing is about holistic ROI. It’s not about just owning stocks or crypto or flipping for quick income. When we talk about holistic ROI, we are looking at our long term profit, short term profit, income security, cash flow, social impact, environmental impact, spiritual impact, stability of the permaculture economy, and more. That’s how we see it at Mayflower-Plymouth.

Investors don’t care about your dreams and goals. They love that you have them. They love that you are motivated by them. Investors care about how they are going to get their money back and then some. Family cares about your dreams. Investors care about money.

Honesty is very important in business. It's important to customers, it's important to investors and it's important to markets.

We have to practice defensive investing, since many of the outcomes are likely to go against us. It’s more important to ensure survival under negative outcomes than it is to guarantee maximum returns under favorable ones.

He knows how to market himself well. Nowadays, that's all that seems to count. He's rebellious in a way that appeals to people with vain, shallow taste. So of course he manipulates his audiences with the blessing of his recording company and the financial investors behind his brand.

Prices are too high” is far from synonymous with “the next move will be downward.” Things can be overpriced and stay that way for a long time . . . or become far more so.

A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.

plant trees that other men will sit under.

I am an investor. And as an investor, I have the pleasure of being involved in a variety of industries and innovations. But being an investor, I get to stay focused on the big picture instead of the little details.

Transparency is a good quality to have in business. Honesty, integrity and transparency will gain you the right customers and the right investors. And dishonesty always results in long term losses.

Buy cheap and sell dear.

Spirituality makes me a better investor. Being one with the universe enables me to better understand energy flow, and investing has a lot to do with energy flow.

A sociopath is often described as someone with little or no conscience. I’ll leave it to the psychologists to decide whether Holmes fits the clinical profile, but there’s no question that her moral compass was badly askew. I’m fairly certain she didn’t initially set out to defraud investors and put patients in harm’s way when she dropped out of Stanford fifteen years ago. By all accounts, she had a vision that she genuinely believed in and threw herself into realizing. But in her all-consuming quest to be the second coming of Steve Jobs amid the gold rush of the “unicorn” boom, there came a point when she stopped listening to sound advice and began to cut corners. Her ambition was voracious and it brooked no interference. If there was collateral damage on her way to riches and fame, so be it.

Let us return to pathemata mathemata (learning through pain) and consider its reverse: learning through thrills and pleasure. People have two brains, one when there is skin in the game, one when there is none. Skin in the game can make boring things less boring. When you have skin in the game, dull things like checking the safety of the aircraft because you may be forced to be a passenger in it cease to be boring. If you are an investor in a company, doing ultra-boring things like reading the footnotes of a financial statement (where the real information is to be found) becomes, well, almost not boring.

Every tree in every forest is participating in investment activities….. capital allocation, energy flow, resourcefulness, utilization, leverage, information distribution, growth, value creation, and ROI…. Nature is an economy, and every tree is an investor in that economy. Sometimes I just sit in my back yard, observe, and take notes.

Being too far ahead of your time is indistinguishable from being wrong.” So

The investment world nevertheless has enough liars, cheaters, and thieves to keep Satan's check-in clerks frantically busy for decades to come.

you must thoroughly analyze a company, and the soundness of its underlying businesses, before you buy its stock; you must deliberately protect yourself against serious losses; you must aspire to “adequate,” not extraordinary, performance.

Bullish or bearish are terms used by people who do not engage in practicing uncertainty, like the television commentators, or those who have no experience in handling risk. Alas, investors and businesses are not paid in probabilities; they are paid in dollars. Accordingly, it is not how likely an event is to happen that matters, it is how much is made when it happens that should be the consideration.

Real investors talk more about business than about stock prices. Real investors are reading company P&L statements and Balance Sheets and getting on Earnings Calls. Real investors are learning about customers and attending meetings and getting involved.

The reason that 'guru' is such a popular word is because 'charlatan' is so hard to spell.

When he had explained why investors who wanted low risk and moderate returns should put their capital into national debt shares, Daisy had interrupted him by asking, “Father, wouldn’t it be wonderful if hummingbirds had tea parties and we were small enough to be invited?

The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.4 —Warren Buffett

A cynic once told G. K. Chesterton, the British novelist and essayist, “Blessed is he who expecteth nothing, for he shall not be disappointed.” Chesterton’s rejoinder? “Blessed is he who expecteth nothing, for he shall enjoy everything.

When money is pooled together, it has a greater impact. A million dollars has more impact than one hundred thousand dollars. One hundred ETH has more impact than ten ETH. The more money, the greater the impact.

Learning from the success and failure of others is the fastest way to get smarter and wiser without a lot of pain.

while enthusiasm may be necessary for great accomplishments elsewhere, on Wall Street it almost invariably leads to disaster.

The psychologists Daniel Kahnerman and Amos Tversky have shown when humans estimate the likelihood or frequency of an event, we make that judgment based not on how often the event has actually occurred, but on how vivid the past examples are.

The intelligent investor realizes that stocks become more risky, not less, as their prices rise—and less risky, not more, as their prices fall. The intelligent investor dreads a bull market, since it makes stocks more costly to buy. And conversely (so long as you keep enough cash on hand to meet your spending needs), you should welcome a bear market, since it puts stocks back on sale. 8

All things excellent are as difficult as they are rare.

Here’s the key to understanding risk: it’s largely a matter of opinion.

Warren talks about these discounted cash flows. I’ve never seen him do one.

We both insist on a lot of time being available almost every day to just sit and think. That is very uncommon in American business. We read and think. So Warren and I do more reading and thinking and less doing than most people in business.

Being a polymath makes me a better investor and a better CEO. Because I have multiple interests and multiple skill sets that span across various industries and topic areas, I’m often able to approach investments from a place knowing, from a place of experience and with a sense of authority. Whether it’s IP, Patents, Transportation, Music, Education or Wellness…. I’ve got some background in it so I’m able lead Mayflower-Plymouth with investing in any or all of these effectively.

With every new wave of optimism or pessimism, we are ready to abandon history and time-tested principles, but we cling tenaciously and unquestioningly to our prejudices.    

You’ve got to be careful if you don’t know where you’re going, ’cause you might not get there. —Yogi Berra

Man’s imperfect, limited-capacity brain easily drifts into working with what’s easily available to it. And the brain can’t use what it can’t remember or when it’s blocked from recognizing because it’s heavily influenced by one or more psychological tendencies bearing strongly on it … the deep structure of the human mind requires that the way to full scope competency of virtually any kind is to learn it all to fluency—like it or not.

Investing is a special thing. In terms of functionality, almost anyone can invest. But in terms of achieving the results of long-term profit and sustainable growth, only some people have the talent or skill sets for that. It’s like baseball for example… anyone can swing a bat at a ball. But only a few people make it to the big league, and even fewer become world champs. These days there are so many apps and platforms for individual investing, but that doesn’t mean everyone is achieving good results or ROI. There are great investors, good investors, and bad investors. A professional investor can achieve exponential growth and profit. A professional investor understands markets and industries and can account for both the traditional and the new.

Ultimately, incentive structures and systems drive ESG investing, which can be disingenuous. Structurally, public market investors continue to focus on the incentives which maximize their financial returns, even while taking certain ESG inputs into account in their portfolio allocations. Only by regulating and incentivizing the actual outcomes might investors alter their investment strategies towards new rewards based on ESG outputs.

The schoolteacher asks Billy Bob: "If you have 12 sheeps and one jumps over the fence, how many sheeps do you have left?" Billy Bob answers, "None." "Well" says the teacher, "you sure don't know your subtraction." "Maybe not," Billy Bob replies, "but i darn sure know my sheeps.

And back in the spring of 1720, Sir Isaac Newton owned shares in the South Sea Company, the hottest stock in England. Sensing that the market was getting out of hand, the great physicist muttered that he “could calculate the motions of the heavenly bodies, but not the madness of the people.” Newton dumped his South Sea shares, pocketing a 100% profit totaling £7,000. But just months later, swept up in the wild enthusiasm of the market, Newton jumped back in at a much higher price—and lost £20,000 (or more than $3 million in today’s money). For the rest of his life, he forbade anyone to speak the words “South Sea” in his presence. 4

Investing is a special thing. In terms of functionality, almost anyone invest. But in terms of achieving the results of long-term profit and sustainable growth, only some people have the talent or skill sets for that. It’s like baseball for example… anyone can swing a bat at a ball. But only a few guys make it to the big league, and even fewer become world champs. These days there are so many apps and platforms for individual investing, but that doesn’t mean everyone is achieving the same results. There are great investors, good investors, and bad investors. A professional investor can achieve exponential growth and profit. A professional investor understands markets and industries and can account for both the traditional and the new.

Trading is not the same as investing. Trading includes a lot of fear, lack, and scarcity thinking. Traders aim to buy low and sell high in the quickest turnaround time possible, always fearful of potential outcomes and always needing to incessantly monitor the status of things and micromanage results. However, Investing includes a lot of faith, vision, trust, and endurance. Investors look at larger societal patterns and systems. Investors have wealth consciousness and they expect to earn exponentially larger profits over a longer timeframe.

Irrational exuberance is the psychological basis of a speculative bubble. I define a speculative bubble as a situation in which news of price increases spurs investor enthusiasm, which spreads by psychological contagion from person to person, in the process amplifying stories that might justify the price increases and bringing in a larger and larger class of investors, who, despite doubts about the real value of an investment, are drawn to it partly through envy of others’ successes and partly through a gambler's excitement.

The idea that “it takes money to make money” is the thinking of financially unsophisticated people. It does not mean that they’re not intelligent. They have simply not learned the science of money making money. Money is only an idea. If you want more money, simply change your thinking. Every self-made person started small with an idea, and then turned it into something big. The same applies to investing. It takes only a few dollars to start and grow it into something big. I meet so many people who spend their lives chasing the big deal, or trying to amass a lot of money to get into a big deal, but to me that is foolish. Too often I have seen unsophisticated investors put their large nest egg into one deal and lose most of it rapidly. They may have been good workers, but they were not good investors. Education and wisdom about money are important. Start early. Buy a book. Go to a seminar. Practice. Start small. I turned $5,000 cash into a one-million-dollar asset producing $5,000 a month cash flow in less than six years. But I started learning as a kid. I encourage you to learn, because it’s not that hard. In fact, it’s pretty easy once you get the hang of it. I think I have made my message clear. It’s what is in your head that determines what is in your hands. Money is only an idea. There is a great book called Think and Grow Rich. The title is not Work Hard and Grow Rich. Learn to have money work hard for you, and your life will be easier and happier. Today, don’t play it safe. Play it smart.

Many amateurs believe that plants and animals reproduce on a one-way route toward perfection. Translating the idea in social terms, they believe that companies and organizations are, thanks to competition (and the discipline of the quarterly report), irreversibly heading toward betterment. The strongest will survive; the weakest will become extinct. As to investors and traders, they believe that by letting them compete, the best will prosper and the worst will go learn a new craft (like pumping gas or, sometimes, dentistry). Things are not as simple as that. We will ignore the basic misuse of Darwinian ideas in the fact that organizations do not reproduce like living members of nature—Darwinian ideas are about reproductive fitness, not about survival.

Around 2010, Peter Thiel, the PayPal cofounder and early Facebook investor, began promoting the idea that the technology industry had let people down. “We wanted flying cars, instead we got 140 characters” became the tagline of his venture capital firm Founders Fund. In an essay called “What Happened to the Future,” Thiel and his cohorts described how Twitter, its 140-character messages, and similar inventions have let the public down. He argued that science fiction, which once celebrated the future, has turned dystopian because people no longer have an optimistic view of technology’s ability to change the world. I

The concept of ‘spending’ is problematic. When we are functioning with intention and wisdom, the only thing we really do with money is invest. There are small investments, and big investments. There are good investments and bad investments…The ROI we get for some investments is a product or service - the groceries in exchange for money, or the the car wash in exchange for money. And the ROI we get for other investments may be additional money in the form of interest or dividends, while the ROI in other cases is just a sense of fulfillment after maybe giving to charity or buying a gift for your spouse, or paying for your kids tuition, or creating art. When we look at it from this perspective, we get rid of the expectation that sending money out is a loss, and we replace it with an expectation that sending money out will always result in an ROI of some kind. Everything is an investment when we act with intention and wisdom.

Investors are people with more money than time. Employees are people with more time than money. Entrepreneurs are simply the seductive go-betweens. Startups are business experiments performed with other people’s money. Marketing is like sex: only losers pay for it.” “Company culture is what goes without saying. There are no real rules, only laws. Success forgives all sins. People who leak to you, leak about you. Meritocracy is the propaganda we use to bless the charade. Greed and vanity are the twin engines of bourgeois society. Most managers are incompetent and maintain their jobs via inertia and politics. Lawsuits are merely expensive feints in a well-scripted conflict narrative between corporate entities. Capitalism is an amoral farce in which every player—investor, employee, entrepreneur, consumer—is complicit.

Anybody can throw a basketball toward a hoop. But only a relative few can exercise the athletic prowess of dribbling down the court, account for and surpass a variety of obstacles, and actually get the ball into the hoop consistently and repetitively contributing toward an ultimate win for the team. In the same way, anyone can open an investment account with M1 or Acorns or Robinhood or Cashapp… or even with the big guys like Ameritrade or Fidelity or Charles Schwabb or Morgan Stanley… but only a relative few can navigate an ever-changing economic paradigm, overcome various financial, legal and social obstacles, maintaining alignment with values, and achieve substantial growth and profits - contributing toward an ultimate win for the team. It’s better to hire a professional investor if you expect professional results.

Wisdom is really the key to wealth. With great wisdom, comes great wealth and success. Rather than pursuing wealth, pursue wisdom. The aggressive pursuit of wealth can lead to disappointment. Wisdom is defined as the quality of having experience, and being able to discern or judge what is true, right, or lasting. Wisdom is basically the practical application of knowledge. Rich people have small TVs and big libraries, and poor people have small libraries and big TVs. Become completely focused on one subject and study the subject for a long period of time. Don't skip around from one subject to the next. The problem is generally not money. Jesus taught that the problem was attachment to possessions and dependence on money rather than dependence on God. Those who love people, acquire wealth so they can give generously. After all, money feeds, shelters, and clothes people. They key is to work extremely hard for a short period of time (1-5 years), create abundant wealth, and then make money work hard for you through wise investments that yield a passive income for life. Don't let the opinions of the average man sway you. Dream, and he thinks you're crazy. Succeed, and he thinks you're lucky. Acquire wealth, and he thinks you're greedy. Pay no attention. He simply doesn't understand. Failure is success if we learn from it. Continuing failure eventually leads to success. Those who dare to fail miserably can achieve greatly. Whenever you pursue a goal, it should be with complete focus. This means no interruptions. Only when one loves his career and is skilled at it can he truly succeed. Never rush into an investment without prior research and deliberation. With preferred shares, investors are guaranteed a dividend forever, while common stocks have variable dividends. Some regions with very low or no income taxes include the following: Nevada, Texas, Wyoming, Delaware, South Dakota, Cyprus, Liechtenstein, Luxembourg, Panama, San Marino, Seychelles, Isle of Man, Channel Islands, Curaçao, Bahamas, British Virgin Islands, Brunei, Monaco, Qatar, United Arab Emirates, Saudi Arabia, Bahrain, Bermuda, Kuwait, Oman, Andorra, Cayman Islands, Belize, Vanuatu, and Campione d'Italia. There is only one God who is infinite and supreme above all things. Do not replace that infinite one with finite idols. As frustrated as you may feel due to your life circumstances, do not vent it by cursing God or unnecessarily uttering his name. Greed leads to poverty. Greed inclines people to act impulsively in hopes of gaining more. The benefit of giving to the poor is so great that a beggar is actually doing the giver a favor by allowing the person to give. The more I give away, the more that comes back. Earn as much as you can. Save as much as you can. Invest as much as you can. Give as much as you can.

For Gracias, the Tesla and SpaceX investor and Musk’s friend, the 2008 period told him everything he would ever need to know about Musk’s character. He saw a man who arrived in the United States with nothing, who had lost a child, who was being pilloried in the press by reporters and his ex-wife and who verged on having his life’s work destroyed. “He has the ability to work harder and endure more stress than anyone I’ve ever met,” Gracias said. “What he went through in 2008 would have broken anyone else. He didn’t just survive. He kept working and stayed focused.” That ability to stay focused in the midst of a crisis stands as one of Musk’s main advantages over other executives and competitors. “Most people who are under that sort of pressure fray,” Gracias said. “Their decisions go bad. Elon gets hyperrational. He’s still able to make very clear, long-term decisions. The harder it gets, the better he gets. Anyone who saw what he went through firsthand came away with more respect for the guy. I’ve just never seen anything like his ability to take pain.

More than 2,000 books are dedicated to how Warren Buffett built his fortune. Many of them are wonderful. But few pay enough attention to the simplest fact: Buffett’s fortune isn’t due to just being a good investor, but being a good investor since he was literally a child. As I write this Warren Buffett’s net worth is $84.5 billion. Of that, $84.2 billion was accumulated after his 50th birthday. $81.5 billion came after he qualified for Social Security, in his mid-60s. Warren Buffett is a phenomenal investor. But you miss a key point if you attach all of his success to investing acumen. The real key to his success is that he’s been a phenomenal investor for three quarters of a century. Had he started investing in his 30s and retired in his 60s, few people would have ever heard of him. Consider a little thought experiment. Buffett began serious investing when he was 10 years old. By the time he was 30 he had a net worth of $1 million, or $9.3 million adjusted for inflation.16 What if he was a more normal person, spending his teens and 20s exploring the world and finding his passion, and by age 30 his net worth was, say, $25,000? And let’s say he still went on to earn the extraordinary annual investment returns he’s been able to generate (22% annually), but quit investing and retired at age 60 to play golf and spend time with his grandkids. What would a rough estimate of his net worth be today? Not $84.5 billion. $11.9 million. 99.9% less than his actual net worth. Effectively all of Warren Buffett’s financial success can be tied to the financial base he built in his pubescent years and the longevity he maintained in his geriatric years. His skill is investing, but his secret is time. That’s how compounding works. Think of this another way. Buffett is the richest investor of all time. But he’s not actually the greatest—at least not when measured by average annual returns.

Here is an all-too-brief summary of Buffett’s approach: He looks for what he calls “franchise” companies with strong consumer brands, easily understandable businesses, robust financial health, and near-monopolies in their markets, like H & R Block, Gillette, and the Washington Post Co. Buffett likes to snap up a stock when a scandal, big loss, or other bad news passes over it like a storm cloud—as when he bought Coca-Cola soon after its disastrous rollout of “New Coke” and the market crash of 1987. He also wants to see managers who set and meet realistic goals; build their businesses from within rather than through acquisition; allocate capital wisely; and do not pay themselves hundred-million-dollar jackpots of stock options. Buffett insists on steady and sustainable growth in earnings, so the company will be worth more in the future than it is today.

The most realistic distinction between the investor and the speculator is found in their attitude toward stock-market movements. The speculator’s primary interest lies in anticipating and profiting from market fluctuations. The investor’s primary interest lies in acquiring and holding suitable securities at suitable prices. Market movements are important to him in a practical sense, because they alternately create low price levels at which he would be wise to buy and high price levels at which he certainly should refrain from buying and probably would be wise to sell. It is far from certain that the typical investor should regularly hold off buying until low market levels appear, because this may involve a long wait, very likely the loss of income, and the possible missing of investment opportunities. On the whole it may be better for the investor to do his stock buying whenever he has money to put in stocks, except when the general market level is much higher than can be justified by well-established standards of value. If he wants to be shrewd he can look for the ever-present bargain opportunities in individual securities. Aside from forecasting the movements of the general market, much effort and ability are directed on Wall Street toward selecting stocks or industrial groups that in matter of price will “do better” than the rest over a fairly short period in the future. Logical as this endeavor may seem, we do not believe it is suited to the needs or temperament of the true investor—particularly since he would be competing with a large number of stock-market traders and first-class financial analysts who are trying to do the same thing. As in all other activities that emphasize price movements first and underlying values second, the work of many intelligent minds constantly engaged in this field tends to be self-neutralizing and self-defeating over the years. The investor with a portfolio of sound stocks should expect their prices to fluctuate and should neither be concerned by sizable declines nor become excited by sizable advances. He should always remember that market quotations are there for his convenience, either to be taken advantage of or to be ignored. He should never buy a stock because it has gone up or sell one because it has gone down. He would not be far wrong if this motto read more simply: “Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.” An

How often does it occur that information provided you on morning radio or television, or in the morning newspaper, causes you to alter your plans for the day, or to take some action you would not otherwise have taken, or provides insight into some problem you are required to solve? For most of us, news of the weather will sometimes have consequences; for investors, news of the stock market; perhaps an occasional story about crime will do it, if by chance it occurred near where you live or involved someone you know. But most of our daily news is inert, consisting of information that gives us something to talk about but cannot lead to any meaningful action...You may get a sense of what this means by asking yourself another series of questions: What steps do you plan to take to reduce the conflict in the Middle East? Or the rates of inflation, crime and unemployment? What are your plans for preserving the environment or reducing the risk of nuclear war? What do you plan to do about NATO, OPEC, the CIA, affirmative action, and the monstrous treatment of the Baha’is in Iran? I shall take the liberty of answering for you: You plan to do nothing about them. You may, of course, cast a ballot for someone who claims to have some plans, as well as the power to act. But this you can do only once every two or four years by giving one hour of your time, hardly a satisfying means of expressing the broad range of opinions you hold. Voting, we might even say, is the next to last refuge of the politically impotent. The last refuge is, of course, giving your opinion to a pollster, who will get a version of it through a desiccated question, and then will submerge it in a Niagara of similar opinions, and convert them into—what else?—another piece of news. Thus, we have here a great loop of impotence: The news elicits from you a variety of opinions about which you can do nothing except to offer them as more news, about which you can do nothing.

FOR THE VOICELESS by El Niño Salvaje I speak for the ones who cannot speak, for the voiceless. I raise my voice and wave my arms and shout for the ones you do not see, perhaps cannot see, for the invisible. For the poor, the powerless, the disenfranchised; for the victims of this so-called “war on drugs,” for the eighty thousand murdered by the narcos, by the police, by the military, by the government, by the purchasers of drugs and the sellers of guns, by the investors in gleaming towers who have parlayed their “new money” into hotels, resorts, shopping malls, and suburban developments. I speak for the tortured, burned, and flayed by the narcos, beaten and raped by the soldiers, electrocuted and half-drowned by the police. I speak for the orphans, twenty thousand of them, for the children who have lost both or one parent, whose lives will never be the same. I speak for the dead children, shot in crossfires, murdered alongside their parents, ripped from their mothers’ wombs. I speak for the people enslaved, forced to labor on the narcos’ ranches, forced to fight. I speak for the mass of others ground down by an economic system that cares more for profit than for people. I speak for the people who tried to tell the truth, who tried to tell the story, who tried to show you what you have been doing and what you have done. But you silenced them and blinded them so that they could not tell you, could not show you. I speak for them, but I speak to you—the rich, the powerful, the politicians, the comandantes, the generals. I speak to Los Pinos and the Chamber of Deputies, I speak to the White House and Congress, I speak to AFI and the DEA, I speak to the bankers, and the ranchers and the oil barons and the capitalists and the narco drug lords and I say— You are the same. You are all the cartel. And you are guilty. You are guilty of murder, you are guilty of torture, you are guilty of rape, of kidnapping, of slavery, of oppression, but mostly I say that you are guilty of indifference. You do not see the people that you grind under your heel. You do not see their pain, you do not hear their cries, they are voiceless and invisible to you and they are the victims of this war that you perpetuate to keep yourselves above them. This is not a war on drugs. This is a war on the poor. This is a war on the poor and the powerless, the voiceless and the invisible, that you would just as soon be swept from your streets like the trash that blows around your ankles and soils your shoes. Congratulations. You’ve done it. You’ve performed a cleansing. A limpieza. The country is safe now for your shopping malls and suburban tracts, the invisible are safely out of sight, the voiceless silent as they should be. I speak these last words, and now you will kill me for it. I only ask that you bury me in the fosa común—the common grave—with the faceless and the nameless, without a headstone. I would rather be with them than you. And I am voiceless now, and invisible.