Michael Steinhardt

Just as outright euphoria is often a sign of a market top, fear is for sure a sign of a market bottom
Time and time again, in every market cycle I have witnessed, the extremes of emotion always appear, even among experienced investors. When the world wants to buy only treasury bills, you can almost close your eye and get long stocks
The hardest thing over the years has been having the courage to go against the dominant wisdom of the time to have a view that is at variance with the present consensus and bet that view
When your views are truly contrarian, they are inevitably uncomfortable. Courage and the ability to withstand pain are required
I was happier when pursuing success than I was when savoring its fruits; the attraction, perhaps the addiction, was in the process, as much as in its end
Speculative joy, the joy derived from being right and being rewarded, may well be similar to the rush felt by a winning gambler
One dollar invested with me in 1967 would have been worth $481 on the day I closed the firm in 1995, versus $19 if it had been invested in a Standard & Poor’s index fund
Good investing is a peculiar balance between the conviction to follow your ideas and the flexibility to recognize when you have made a mistake
The balance between confidence and humility is best learned through extensive experience and mistake
Make all your mistakes early in life. The more tough lessons early on, the fewer errors you make later
Always make your living doing something you enjoy

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