Here are some intelligent sayings:

"When you are skinning your customers, you should leave some skin on to grow so that you can skin them again."

"I look for businesses in which I think I can predict what they're going to look in ten to fifteen years time."

"As far as I am concerned, the stock market doesn´t exist. It is only there as a reference to see if anybody is offering to do anything foolish."

"Some people automatically sell the 'winners' - stocks that go up - and hold on to their 'losers' – stocks that go down - which is about as sensible as pulling out the flowers and watering the weeds."

"Too many mergers resemble the marriage of two cripples who become twice as old, twice as bureaucreatic and twice as undynamic."

"A billion here, a billion there and pretty soon you're talking about real money."

"No mutual fund manager who relies on market timing has kept his job for fifteen years. Individual investors who try to time the market will be tossed on the same horns."

"Deciding on an investment philosophy is like picking a spouse. If you want a successful investment career, you'd better bind yourself to a style you can live with."

"Chief executives seem no more able to resist their biological urge to merge than dogs can resist chasing rabbits."

"When I was young, people called me a gambler. As the scale of my operations increased I became known as a speculator. Now I am called a banker. But I have been doing the same thing all the time."

"It is a socialist idea that making profits is a vice; I consider the real vice is making losses."

"To turn $100 into a $110 is work. To turn $100 million into $110 million is inevitable."

"There are old traders around and bold traders around, but there are no old, bold traders around."

"Without economy none can be rich and with it few will be poor."

"There is a very important difference between being a theoretical contrarian and dealing with it in practical terms."

"As time goes on, I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one think one knows something about and in the management of which one thoroughly believes."

"A bank lives on credit. Till it is trusted it is nothing; and when it ceases to be trusted it turns to nothing"

"If you can tell the difference between good advice and bad advice, you don't need advice."

"Markets don't go straight down. They go down hard, get oversold, rally, then go down again."

"I always sell on the first profit warning. Wait til the third downgrade and you have no hope of getting out."

"An executive who hedges his stock options is like the captain of a ship who sees an iceberg up ahead and heads for his lifeboat without waking the sleeping passengers."

"I think appreciating risk, being aware of it and respecting it, makes you a good trader. It teaches you to be disciplined. Discipline allows you to trade effectively."

"It is inconceivable that anyone will divulge a truly effective get-rich scheme for the price of a book."

"If a man is both wise and lucky, he will not make the same mistake twice. But he will make any one of ten thousand brothers or cousins of the original."

"Wall Street professionals know that acting on "inside tips" will break a man more quickly than famine, pestilence, crop failure, political readjustment ot what may be called normal accidents."

"Take care to sell your horse before he dies. The art of life is passing losses on."

"Men who don't take risks won't drink champagne."