"As Warren Buffett says, you need to be fearful when others are greedy, and greedy when others are fearful. So wehn the market's been down for a while and it looks bad, then you should be more aggressive, and when it's been up for a while, then you should be less aggressive. And, I think also, most importantly, people need to think long term. People tend to react and not anticipate. And what they react to is what they wish they'd done a year ago, or two years ago."
- Bill Miller in a interview in the May 2005 issue of Smart Money
"The underlying principles of sound investment should not alter from decade to decade, but the application of these principles must be adapted to significant changes in teh financial mechanisms and climate."
"...while enthusiasm may be necessary for great accomplishments elsewhere, in Wall Street it almost invariable leads to disaster."
- Benjamin Graham in The Intelligent Investor
Tags: Investment Wisdom, Ben Graham, Bill Miller