“The intelligent investor is a realist who sells to optimists and buys from pessimists.”
Even if you're on the right track, you'll get run over if you just sit there.
A man only learns in two ways, one by reading, and the other by association with smarter people.
The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.
If you want to have a better performance than the crowd, you must do things differently from the crowd.
Sir John Templeton