Adventure upon all the tickets in the lottery, and you lose for certain; and the greater the number of your tickets the nearer your approach to this certainty.
I go through the same problems all young people go through. Being in this business, I accept that there are positives and negatives but having a strong family base and a belief in God enables me to weather the storms.
When the nazis came to power, I looked to the universities that prided themselves upon their intellectual freedom, and they failed me. I looked to the German press, which prided itself on the freedom of the press, and it failed me. Until at last the churches stood alone, and that for which I once had little regard earned my respect.
The most common cause of low prices is pessimism - sometimes pervasive, sometimes specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces.
Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy only when others are fearful.