1. Not a single person in the world knows what the market will do in the short run. End of story.
2. The analyst who talks about his mistakes is the guy you want to listen to. Avoid the guy who doesn’t — his are much bigger.
3. You don’t understand a big bank’s balance sheet. The people running the place and their accountants don’t, either.
4. There will be seven to 10 recessions over the next 50 years. Don’t act surprised when they come.
5. Thirty years ago, there was one hour of market TV per day. Today there’s upwards of 18 hours. What changed isn’t the volume of news, but the volume of drivel.
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