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As we enter the new year, I decided that I would share some of my favorite quotes, quotes which help to put things into perspective for all you LTBH investors out there...

"Investing should be like watching paint dry or grass grow. If you want excitement, take $800 to Las Vegas."
-- Paul Samuelson

"The market price is frequently out of line with the true value; there is an inherent tendency for these disparities to correct themselves... Undervaluations may persist for an inconveniently long time, and the same applies to inflated prices. The market is not a weighing machine but a voting machine."
-- Benjamin Graham

"When investing, we view ourselves as business analysts -- not as market analysts, not as macroeconomic analysts, and not even as security analysts."
-- Warren Buffett

"There is the plain fool, who does the wrong thing at all times everywhere, but there is the Wall Street fool, who thinks he must trade all the time."
-- Edwin Lefevre

"We have not known a single person who has consistently or lastingly made money by... following the market. We do not hesitate to declare that this approach is as fallacious as it is popular."
-- Benjamin Graham

"The Most Important Investing Principle of All... $954,680. Hidden within that number lies a remarkable lesson on the most important investing principle of all - a lesson that should make even the most diehard procrastinator change his ways. It all starts back in the early 1960's with Ralph, the single un-luckiest investor in the entire world. (We all feel that way sometimes, don't we?) Starting in 1963, he put $2,000 once a year into the stocks that comprise the Standard & Poor's 500 Index - but his timing was so terrible that he chose the worst day of the year every time! Incredibly, he invested at the exact top of the market every year - and he kept it up for 10 years. (After that, he let it ride.) As of November 1, 2000, his total of $20,000 would have grown to $954,680. But Ralph's brother-in-law Darth started investing $2,000 a year in 1973, right after Ralph quit. To everyone's astonishment, especially Ralph's, Darth turned out to be the world's luckiest investor. Every year, he picked the absolute bottom of the market to plunk down his $2,000. And to stack the odds in Darth's favor even more, he kept up this stupendous performance for 20 years, investing twice as much and twice as long as Ralph. Guess what? As of that same November 1, 2000, Darth's 40 grand would be worth $29,521 less than Ralph's stake - $925,159 vs. $954,680. Imagine! Darth put in twice the money, and his annual return was far higher, yet Ralph licked him fair and square. Moral: Forget market timing! Timing and luck are nice, but you can make more money just getting started now.
-- Louis Rukeyser

"An investor may, for example, be a buyer of air-transport stocks because he believes their future is even more brilliant than the trend the market already reflects... The obvious prospects for physical growth in business do not translate into obvious profits for investors."
-- Benjamin Graham

"Inactivity strikes us as intelligent behavior."
-- Warren Buffett

"Never confuse brilliance with a bull market."
-- Paul Rubin

"I would rather be certain of a good result than hopeful of a great one."
-- Warren Buffett

"Common sense is not so common."
-- Voltaire

"The market is like a flu virus - as soon as you think you have it pegged, it mutates into something else."
-- Wayne H. Wagner

"Experts do not have dependable ways of selecting and concentrating on the most promising companies in the most promising industries."
-- Benjamin Graham

"The better a company's record and prospects, the less relationship the price of its shares will have to book value. The greater the premium above book value, the more this 'value' will depend on the changing moods and measurements of the stock market... Of course, wonders can be accomplished with the right individual selections bought at the right levels and later sold after a huge rise and before the probable decline. But the average investor can no more expect to accomplish this than to find money growing on trees."
-- Benjamin Graham

"We need to emphasize, however, that we do not sell holdings just because they have appreciated or because we have held them for a long time.... We are quite content to hold any security indefinitely, so long as the prospective return on equity capital of the underlying business is satisfactory, management is competent and honest, and the market does not overvalue the business."
-- Warren Buffett

"Every decade has its characteristic folly, but the basic cause is the same: People persist in believing that what has happened in the recent past will go on happening into the indefinite future, even while the ground is shifting under their feet."
-- George J. Church

"If making money is a slow process, losing it is quickly done."
-- Ihara Saikaku

"The stock market serves as a relocation center at which money is moved from the active to the patient."
-- Warren Buffett

"Pure and simple, consistent outperformance in investing doesn't exist. The sooner an investor comes to grips with this reality and accepts the fact that periods of underperformance will occur during an investing lifetime that may stretch for decades, the better off that investor will be. That doesn't mean long-term outperformance in stocks is a fiction, mind you. It's just that Mike Tyson has a better chance of emceeing the next Miss America pageant than you have of beating the S&P 500 index by a percentage point or two during every single year of your natural life."
-- TMFPanic

"If you aren't willing to own a stock for ten years, don't even think about owning it for ten mintues."
-- Warren Buffett

"It is far better to buy a wonderful company at a fair price than a fair company at a wonderful price."
-- Warren Buffett

"Lethargy bordering on sloth remains the cornerstone of our investment style."
-- Warren Buffett

"I'll be happy to accept a lottery ticket as a gift -- but I'll never buy one."
-- Warren Buffett

"Be careful out there!"
-- PeterEidson (Registered Fool)

"Always Long..."
-- Spriteman
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