Quotes About Strategy

Of course, in philosophy, you settle one bill only by neglecting another, a strategy which must eventually fail since all of them fall due at the same time.

What cannot be won by force of arms can often be achieved through cunning, deceit, or by a concealed blade slipped into an enemy's back. —Nicolai

Very few conflicts in the history of the world have been satisfactorily concluded according to a published timetable, because you lose all flexibility in dealing with your opponents.

The are of will-making chiefly consists in baffling the importunity of expectation.

The plea of necessity, that eternal argument of all conspirators.

American soldiers were dying in frigid Korea. One of our greatest generals told us that the president and his team were not trying to win. And some strident voices were saying that that was because they didn't want to win

Never forget that the portfolio's the thing: Inevitably, it will contain poorly performing asset classes—there will always be at least one—but its identity will change from year to year.

If your portfolio risk exceeds your tolerance for loss, there is a high likelihood that you will abandon your plan when the going gets rough.

Because we cannot predict the future, we diversify. —Paul Samuelson

If you decide to buy bonds or a bond fund, make sure the average maturity is less than the time horizon of the savings.

In short, the Romans conquered most of their known world as much with the deeply institutionalized pen as with the sword, shield, and catapult.

Investors cannot earn high returns without occasionally bearing great loss.

During bull markets, everyone believes that he is committed to stocks for the long term. Unfortunately, history also tells us that during bear markets, you can hardly give stocks away. Most investors are simply not capable of withstanding the vicissitudes of an all-stock investment strategy. The

Act as if every broker, insurance salesman, mutual fund salesperson, and financial advisor you encounter is a hardened criminal, and stick to low-cost index funds, and you'll do just fine.

Always favor expected returns calculated from the Gordon Equation over past returns, no matter how long of a period they cover.

If you find yourself stimulated in any way by your portfolio performance, then you are probably doing something very wrong. A superior portfolio strategy should be intrinsically boring.

La mejor época posible para invertir es cuando el cielo amenaza tormenta, puesto que los inversores descontarán los ingresos futuros de las acciones a una tasa muy elevada.

The whole secret to winning big in the stock market is not to be right all the time, but to lose the least amount possible when you're wrong.

I made a rule that I'd buy each stock exactly at the pivot buy point and have the discipline not to pyramid or add to my position at more than 5% past that point. Then I'd sell each stock when it was up 20%, while it was still advancing.

A great trader once noted there are only two emotions in the market: hope and fear. "The only problem," he added, "is we hope when we should fear, and we fear when we should hope." This is just as true in 2009 as it was in 1909.

I generally played a little fast and loose with my resources but I figured hell, a man's reach should exceed his grasp, especially in a stupid board game.

Successful long-term investors like Warren Buffett know that bear markets are buying opportunities.

The men who rule have practiced keepin' their tongues still, not exercisin' them. So you want to drop the orator idea unless you mean to go into politics just to perform the skyrocket act.

The truth is, the best win-lost records are not built on great trial work. They are built on cherry-picking only the strongest cases for trial and pleading out the rest, regardless of the right and wrong of it.