Hedge Fund Stars Advice Recommendations by highly successful money managers Recommendations by.

by Jesse Livermore

“A man must believe in himself and his judgment if he expects to make a living at this game. That is why I don’t believe in tips.” by Jesse Livermore

“After several years I was back where I began. No-worse, for I had acquired habits and a style of living that required money; though that part didn’t bother me as much as being wrong so consistently.” by Jesse Livermore

“And right here let me say one thing: After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! IT is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I’ve known many men who were right at exactly the right time, and began buying or selling stocks wen prices were at the very level which should show the greatest profit. And their experience invariably matched mine-that is, they made no real money out of it. Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock market operator has firmly grasped this that he can make big money. It is literally true that millions come easier to a trader after he knows how to trade than hundreds did in the days of his ignorance. The reason is that a man may see straight and clearly and yet become impatient or doubtful when the market takes its time about doing as he figured it must do. That is why so many men in Wall Street, who are not at all in the sucker class, not even in the third grade, nevertheless lose money. The market does not beat them. They beat themselves, because though they have brains they cannot sit tight. Old Turkey was dead right in doing and saying what he did. He had not only the courage of his convictions but the intelligent patience to sit tight.” by Jesse Livermore

“Of course I realized, the moment I heard the news of the declaration of that unprecedented 10 per cent dividend, that I got what I deserved for disregarding the voice of experience and listening to the voice of a tipster. My own convictions I had set aside for the suspicions of a friend, simply because he was disinterested and as a rule knew what he was doing.” byJesse Livermore

“After a man has been in Wall Street as long as I have he is grateful for anybody who feels sorry for him. Remain calm, my friend.” –by Jesse Livermore

“My tape reading found easier money for me in other stocks.” byJesse Livermore

“On a legitimate advance the price should have gone to 310 without stopping. If instead it reacted it meant that precedents had failed me and I was wrong; and the only thing to do when a man is wrong is to be right by ceasing to be wrong. I had bought eight thousand full shares in expectation of a thirty or forty point rise. It would not be my first mistake; nor my last.” by Jesse Livermore

“I came out of it in fine shape. The newspapers said that [Jesse Livermore], the Boy Plunger, had made several millions. Well, I was worth over one million after the close of business that day. But my biggest winnings were not in dollars but in the intangibles: I had learned what a man must do in order to make big money; I was permanently out of the gambler class; I had at last learned to trade intelligently in a big way. It was a day of days for me.” by Jesse Livermore

“It is surprising how many experienced traders there are who look incredulous when I tell them that when I buy stocks for a rise I like to pay top prices and when I sell I must sell low or not at all. It would not be so difficult to make money if a trader always struck to his speculative guns – that is, waited for the line of least resistance to define itself and began buying only when the tape said up or selling only when it said down. He should accumulate his line on the way up. Let him buy one-fifth of his full line. If that does not show him a profit he must not increase his holdings because he has obviously begun wrong; he is wrong temporarily and there is no profit in being wrong at any time. The same tape that said up did not necessarily lie merely because it is now saying not yet. ” by Jesse Livermore

“It is the way a man looks at things that makes or loses money for him in the speculative markets.” by Jesse Livermore

“Charlie and I tend to be leery of companies run by CEOs who woo investors with fancy predictions.” – Warren Buffet

“Be suspicious of companies that trumpet earnings projections and growth expectations. Business seldom operate in a tranquil, no-surprise environment, and earnings simply don’t advance smoothly.” by Warren Buffet

“First, we eliminate all of the ritualistic and nonproductive activities that normally go with the job of CEO. Our managers are totally in charge of their personal schedules. Second, we give each a simple mission: Just run your business as if: (1) you own 100% of it; (2) it is the only asset in the world that you and your family have or will ever have; and (3) you can’t sell or merge it for at least a century. As a corollary, we tell them they should not let any of their decisions be affected even slightly by accounting considerations. We want our managers to think about what counts, not how it will be counted.” – Warren Buffet
“It has become fashionable at public companies to describe almost every compensation plan as aligning the interests of management with those of shareholders. In our book, alignment means being a partner in both directions, not just on the upside. Many “alignment” plans flunk this basic test, being artful forms of “heads I win, tails you lose.”” by Warren Buffet

“The Relationship you have with your Father
 is likely to show up
in the relationship you have
with your trading system
” by Ed Seykota

“Sometimes Waiting to Pull the Trigger
is the healthy move.
” by Ed Seykota

“People Tend to Repeat Patterns
 even when they understand them
and vow to avoid them.
” by Ed Seykota

“You Can Have Any Thing You Want
 if you are willing to do
what it takes to get it.
” by Ed Seykota

“Willingness to stick to a system
tends to pay off big time
 in losing weight,
rock climbing,
trading the markets
and life in general.
”-by Ed Seykota

“Choosing a Car
 
or a mate
 
or a Bliss Function
 
are all emotional operations
”-by Ed Seykota

“The Train Arrives Quickly
 for those who show up
just in time.
”-by Ed Seykota

“Faith in a system, rational self-confidence, sense of destiny, divine ordinance, life mission, dedication to a higher purpose, right livelihood … all describe the feeling of traders for whom trading is not just something they do.
”-by Ed Seykota

“Concerns About Commitment
disappear
 once you take the plunge.
”-by Ed Seykota

“Trend-following systems use historical data to trigger buying and selling in the moment of now. 
 
None of this requires prediction.
”-by Ed Seykota

-by George Soros

“Scientists are interested in timeless generalizations and statistical probabilities; participants need to focus on the one particular case in which they are participating.”-by George Soros

“Can you imagine having moved to Omaha or Denver or Salt Lake as the Union Pacific was opening the United States’ interior to the sea?”-by Jim Rogers

“It may have been Meyer Rothschild, the German banker and patriarch of the legendary House of Rothschild who, when asked how he got so rich, attributed his success to two things. He said he always bought hen there was blood in the streets – panic, chaos- when despondency gripped the markets. (In old man Rothschild’s case, investing amid the turbulence of the Napoleonic wars, the blood was just as likely to be literal as it was to be figurative.) And he always knew when to get out, and he got out in time with all his money.”-by Jim Rogers

“I remembered how the fortunes of such companies in the United States had skyrocketed when women finally began using the pill, so I opened an account and bought shares in all three of the bankrupt Korean companies.”-by Jim Rogers

“Again, study history very carefully. Learn precisely what happened and what did not. This will help you understand what is about to happen in the world.”-by Jim Rogers

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