“The investor is neither smart not richer when he buys in an advancing market and the market continues to rise. That is true even when he cashes in a goodly profit, unless either (a) he is definitely through with buying stocks an unlikely story or (b) he is determined to reinvest only at considerably lower levels. In a continuous program no market profit is fully realized until the later reinvestment has actually taken place, and the true measure of the trading profit is the difference between the previous selling level and the new buying level.” StoriesDifferencesLevelsTakenSmartProgramProfitDeterminedSellingBuyingInvestorsCashTradingUnlikelyAdvancingBuying Stocks Author:Benjamin Graham
“What psycho-analysis reveals in the transference phenomena of neurotics can also be observed in the lives of some normal people. The impression they give is of being pursued by a malignant fate or possessed by some 'daemonic' power; but psycho-analysis has always taken the view that their fate is for the most part arranged by themselves and determined by early infantile influences.” PeopleGivingViewsTakenFateInfluenceNormalDeterminedImpressionAnalysisPossessedPursuedPsychoInfantileTransference Book:Beyond the Pleasure Principle Source: Beyond the Pleasure Principle