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“In the stock market (as in much of life), the beginning of wisdom is admitting your ignorance. One of the many things you cannot know about stocks is exactly when they will up or go down. Over the long term, stocks generally rise at a nice pace. History shows they double in value every seven years or so. But in the short term, stocks are just plain wild. Over periods of days, weeks and months, no one has any idea what they will do. Still, nearly all investors think they are smart enough to divine such short-term movements. This hubris frequently gets them into trouble.”

“I developed a long time ago some habits. One of them is what I call "divert daily, withdraw weekly, and abandon annually." Divert daily is everyday you do something that's not work-related. You do something that relaxes you. Then you withdraw weekly. The Bible says every seven days you take a day off. And then abandon annually means you just go out and forget it all.”

“Has the gift of laughter been withdrawn from me? I protest that I do still, at the age of forty-seven, laugh often and loud and long. But not, I believe, so long and loud and often as in my less smiling youth. And I am proud, nowadays, of laughing, and grateful to any one who makes me laugh. That is a bad sign. I no longer take laughter as a matter of course.”

“The Knight in the triumph of his heart made several 6 reflections on thegreatness of the British Nation; as, that one Englishman could beat three Frenchmen; that we could never be in danger of Popery so long as we took care of our fleet; that theThames was thenoblest river in Europe; that London Bridge was a greater piece of work than any of the Seven Wonders of the World; with many other honest prejudices which naturally cleave to the heart of a true Englishman.”