The Wit & Wisdom of Wall Street

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The Wit & Wisdom of

Wall Street


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The Wit & Wisdom of

Wall StreetCompiled & Edited by

Bob Thomas

Bascom-Hall Publishing Co.Dallas, Texas


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T H E W I T & W I S D O M O F W A L L S T R E E T

Copyright 2011 by Bascom-Hall Publishing Co.

All rights reserved. No part of this book may be reproduced or

transmitted in whole or in part in any form without prior written per-

mission of the publisher and author.

The Wit & Wisdom of Wall Street

Compiled & Edited by Bob Thomas

Cover Design:

Barton Damer

Email: [email protected]: www.alreadybeenchewed.net

Publisher:

Bascom-Hall Publishing Co.

9330 LBJ Freeway

Suite 800Dallas, Texas 75243

Email: [email protected]

Website: www.bascom-hall.com

Additional copies o this book may be ordered rom the publisher

or $14.95. Please add $3.00 or postage and handling.

Library o Congress Cataloging-in-Publication Data

ISBN-13 978-0-9649201-4-9


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Introduction

Wall Street is much more than, as one cynicput it, a thoroughare that begins in a graveyard

and ends in a river. Rather, Wall Street is the

heart o corporate fnance in the U.S. and sym-

bolic o investing in the stock market. For many

investors, it has proved to be a street paved with

goldwhile others have truly experienced a

nightmare on Wall Street.

Scores o books and magazine articles have

been written over the years detailing how to getrich quick by playing the stock market using a

variety o strategies and gimmicks. The truth is,


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there are no shortcuts and you will not outsmart

the marketor very long. But it is very possible

to create wealth by investing in the stocks o

some o the great companies in America.

Warren Buett, one o the richest men in the

world, accumulated his tremendous wealth by

being a savvy and patient investor in the stock

market. In act, he once described his investment

philosophy as lethargy bordering on sloth.

The Wit & Wisdom of Wall Street includes

quotes rom leading investment gurus such as

Benjamin Graham, Warren Buett, Peter Lynch,

John Templeton, Jason Zweig, and many others,along with axioms, one-liners, and clever car-

toons rom the esteemed New Yorkermagazine;

all about investing on Wall Street. Hopeully, you

will be entertained and amused by the witbut

more importantly, you should become wealthier

and wiser rom the wisdom.


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The stock market is like a

beauty contest; you shouldnt

necessarily pick the prettiest

girlpick the one everyone

else thinks is the prettiest.

John Maynard Keynes


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Be greedy when others

are earuland earulwhen others are greedy.

Warren Buffett


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Every time someone buys,

someone sellsand both

think theyre brilliant.

By ignoring the losers and

taking profts in the winnersyou eventually end up with

a portolio o losers.


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The stock market depends about as

much on stock market analysts as the

weather does on weather orecasters.

Fundamental analysis will tell you what

stocks to buytechnical analysiswill tell you when to buy them.


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I youre compulsively

checking up on the prices

o your investments, youre

not only hurting your fnancial

returns, youre unnecessarily

taking precious time away

rom the rest o your lie.

Jason Zweig


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The least risky long-term

style o buying stocks is to

buy the stocks that reuse

to go down on bad news. Justin Mamis


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The one single thought that sustains me is that

the fundamentals are good.

TomCh

eney/TheNew

YorkerCollec

tion/www.cartoonbank.com


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75% o the risk in any stock is themarket and the sector.

Having live streaming quotes on yourcomputer is like having a slot machine

on your desk.

Take your money seriously. You shouldnt

have un investingthats a trap;

it makes you too active.


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Many times a buy-and-hold investment

is a short-term trade that went wrong.

A market decline should be viewed

as an opportunity to buy high qualitystocksnot a disaster.

The longer a stock trades in a verynarrow range, the more explosive it

will move when it ultimately breaks

outin either direction.


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Bull markets are

born in pessimism,grow in skepticism,

mature in optimism,

and die in euphoria. John Templeton


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The chie losses to investors

come rom the purchase o

low-quality securities at times

o avorable conditions.

Benjamin Graham


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When bad news cant take the

market downits good news.

Never buy a stock that didnt

rise in a bull marketsmart

investors are out o it.

I it looks too good to be true

you havent read the

prospectus careully enough.


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Good investment advice is

expensivebad investment

advice is very expensive.

When the covers o major

business magazines eature

an investment trend in a bearishlight it is very likely that the

trend is at or near its bottom.


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Be that way, Marilyn. You werent sneering at

me when I was managing your portfolio.

Michae

lCrawford/TheNew

YorkerCollection/www.cartoonbank.com

The Wit & Wisdom of Wall Street

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