Bernard Baruch, fully Bernard Mannes Baruch

Baruch, fully Bernard Mannes Baruch

American Businessman, Statesman, Advisor to U.S. Presidents

Author Quotes

10 Rules of Investing: 1. Don?t speculate unless you can make it a full-time job. 2. Beware of barbers, beauticians, waiters ? of anyone ? bringing gifts of ?inside? information or ?tips.? 3. Before you buy a security, find out everything you can about the company, its management and competitors, its earnings and possibilities for growth. 4. Don?t try to buy at the bottom and sell at the top. This can?t be done ? except by liars. 5. Learn how to take your losses quickly and cleanly. Don?t expect to be right all the time. If you have made a mistake, cut your losses as quickly as possible. 6. Don?t buy too many different securities. Better have only a few investments which can be watched. 7. Make a periodic reappraisal of all your investments to see whether changing developments have altered their prospects. 8. Study your tax position to know when you can sell to greatest advantage. 9. Always keep a good part of your capital in a cash reserve. Never invest all your funds. 10. Don?t try to be a jack of all investments. Stick to the field you know best.

Do not blame anybody for your mistakes and failures.

I?m not smart. I try to observe. Millions saw the apple fall but Newton was the one who asked why.

Never follow the crowd.

The ability to express an idea is well-nigh as important as the idea itself.

Whatever failures I have known, whatever errors I have committed, whatever follies I have witnessed in private and public life have been the consequence of action without thought.

A dangerous fallacy is to repudiate freedom in favor of an unknown future. What else but our own sturdy reliance on freedom can explain the unexampled record this country has made? In a period scarcely twice my own lifetime it has risen from nothingness to become the world's greatest power. It has become the ark of the covenant of freedom.

Do not look for approval except for the consciousness of doing your best.

If a speculator is correct half of the time, he is hitting a good average. Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he is wrong.

Never pay the slightest attention to what a company president ever says about his stock.

The art of living lies not in eliminating but in growing with troubles.

When beggars and shoeshine boys, barbers and beauticians can tell you how to get rich it is time to remind yourself that there is no more dangerous illusion than the belief that one can get something for nothing.

A man can't retire his experience. He must use it. Experience achieves more with less energy and time.

Don't try to buy at the bottom and sell at the top. It can't be done except by liars.

If all you have is a hammer, everything looks like a nail.

No man can humiliate me or disturb me. I won't let him.

The greatest blessing of our democracy is freedom. But in the last analysis, our only freedom is the freedom to discipline ourselves.

When good news about the market hits the front page of the New York Times, sell.

A man sentenced to death obtained a reprieve by assuring the king he would teach his majesty's horse to fly within the year - on the condition that if he didn't succeed, he would be put to death at the end of the year. "Within a year," the man explained later, "the king may die, or I may die, or the horse may die. Furthermore, in a year, who knows? Maybe the horse will learn to fly." My philosophy is like that man's. I take the long-range view.

Even when we know what is right, too often we fail to act. More often we grab greedily for the day, letting tomorrow bring what it will, putting off the unpleasant and unpopular.

If the history of the past fifty years teaches us anything, it is that peace does not follow disarmament - disarmament follows peace.

No man should think himself a zero, and think he can do nothing about the state of the world.

The main purpose of the stock market is to make fools of as many men as possible.

When the outlook is steeped in pessimism, I remind myself, "Two and two still make four, and you can't keep humankind down for long."

A speculator is a man who observes the future, and acts before it occurs.

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Baruch, fully Bernard Mannes Baruch
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American Businessman, Statesman, Advisor to U.S. Presidents