Predicting the market is near impossible, but being ready for whatever may come is essential.
Like with anything you can’t control, applying the right outlook along with attitude and wisdom is key.
Here’s some words of wisdom from some of the world’s best:
- Rule No.1: Never lose money. Rule No.2: Never forget rule No.1. -Warren Buffett
- Columbus did not seek a new route to the Indies in response to a majority directive. -Milton Friedman
- Markets can remain irrational longer than you can remain solvent. -John Maynard Keynes
- October: This is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February. -Mark Twain
- The four most dangerous words in investing are “This time it’s different.” -John Templeton
- If you have trouble imagining a 20% loss in the stock market, you shouldn’t be in stocks. -John Bogle
- Blaming speculators as a response to financial crisis goes back at least to the Greeks. It’s almost always the wrong response. -Larry Summers
- Derivatives are financial weapons of mass destruction. -Warren Buffett
- We’ve used derivatives for many, many years. I don’t think derivatives are evil, per se, I think they are dangerous. …So we use lots of things daily that are dangerous, but we generally pay some attention to how they’re used. We tell the cars how fast they can go. -Warren Buffett
- If I’d only followed CNBC’s advice, I’d have a million dollars today. Provided I’d started with a hundred million dollars. -Jon Stewart