Quotes by Michael Steinhardt - Page 1

A little part of my life is built around ancient art.
Michael Steinhardt / Manager
Art
Ancient
Life Is
Littles
Life Art My Life
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Part of my attraction to ancient art is that there is an element of risk, of speculation.
Michael Steinhardt / Manager
Art
Ancient
Attraction
Elements
Risk
Speculation
Element
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The markets are always changing, and the successful trader needs to adapt to these changes.
Michael Steinhardt / Manager
Needs
Successful
Traders
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Brokerage firms don't sell customers stock so much as they sell those horrible mutual funds
Michael Steinhardt / Manager
Firm
Horrible
Mutual Fund
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In the 1950s and 1960s, the heroes were the long-term investors; today the heroes are the wise guys.
Michael Steinhardt / Manager
Wise
Guy
Hero
Long
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The balance between confidence and humility is best learned through extensive experience and mistakes.
Michael Steinhardt / Manager
Balance
Humility
Mistake
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Art is a form of asset. Hedge-fund managers who have made money fast should diversify into other areas.
Michael Steinhardt / Manager
Art
Assets
Form
Managers
Asset
Diversify
Fast
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You have to be intellectually honest with yourself and others. In my judgment, all great investors are seekers of truth.
Michael Steinhardt / Manager
Honest
Judgment
Seekers
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Speculative joy, the joy derived from being right and being rewarded, may well be similar to the rush felt by a winning gambler.
Michael Steinhardt / Manager
Joy
Winning
Derived
Gambler
Rewarded
Rush
Similar
Speculative
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When your views are truly contrarian, they are inevitably uncomfortable. Courage and the ability to withstand pain are required.
Michael Steinhardt / Manager
Ability
Pain
Views
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Good investing is a peculiar balance between the conviction to follow your ideas and the flexibility to recognize when you have made a mistake.
Michael Steinhardt / Manager
Balance
Ideas
Mistake
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A good trader has to have three things: a chronic inability to accept things at face value, to feel continuously unsettled, and to have humility.
Michael Steinhardt / Manager
Humility
Inability
Three
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I was happier when pursuing success than I was when savoring its fruits; the attraction, perhaps the addiction, was in the process, as much as in its end.
Michael Steinhardt / Manager
Addiction
Attraction
Ends
Fruit
Fruits
Happier
Perhaps
Pursuing
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In North America, the greatest threat to the Jewish people is not the external force of antisemitism, but the internal forces of apathy, inertia and ignorance of our own heritage.
Michael Steinhardt / Manager
America
Apathy
Heritage
Ignorance
Inertia
North America
People
Jewish
External
Forces
Greatest Threat
Internal
Jewish People
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The hardest thing over the years has been having the courage to go against the dominant wisdom of the time, to have a view that is at variance with the present consensus and bet that view.
Michael Steinhardt / Manager
Hardest
Views
Years
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Time and again, in every market cycle I have witnessed, the extremes of emotion always appear, even among experienced investors. When the world wants to buy only [bonds], you can almost close your eyes and [buy] stocks.
Michael Steinhardt / Manager
Eye
Want
World
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The Orthodox believe in Jewish literacy, and most of the rest of us couldn't care less. Rabbis and other creatures have a monopoly on Judaism. This is a turnoff in a world that is increasingly secular and that has turned away from religion. Jews are simply turning away from Judaism.
Michael Steinhardt / Manager
Judaism
Literacy
Monopoly
Orthodox
Secular
Jewish
Turning
Increasingly
Jews
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If you see a wonderful archaic Greek marble object in a museum, it's not only that it's beautiful, but what comes to your mind is the fact that it's 2,600 or so years old, and it was done by a human being at that time who you have such a limited ability to grasp - and yet you have this enormous ability to grasp.
Michael Steinhardt / Manager
Ability
Beautiful
Enormous
Marble
Museums
Wonderful
Years
Time Beautiful Mind
Archaic
Grasp
Human Being
Museum
Object
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Just as outright euphoria is often a sign of a market top, fear is for sure a sign of a market bottom. Time and time again, in every market cycle I have witnessed, the extremes of emotion always appear, even among experienced investors. When the world wants to buy only treasury bills, you can almost close your eys and get long stocks.
Michael Steinhardt / Manager
Long
Want
World
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One of the most important analytic tools when assessing an investment is an intellectually advantaged disparate view. This includes knowing more and perceiving the situation better than others do. It is also critical to have a keen understanding of what the market expectations for any investment truly are. Thus, the process by which a disparate perception, when correct, becomes consensus should lead to meaningful profit. Understanding market expectation is at least as important as, and often different from fundamental knowledge.
Michael Steinhardt / Manager
Knowing
Meaningful
Views
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The hardest thing over the years has been having the courage to go against the dominant wisdom of the time to have a view that is at variance with the present consensus and bet that view. The hard part is that the investor must measure himself not by his own perceptions of his performance, but by the objective measure of the market. The market has its own reality. In an immediate emotional sense the market is always right so if you take a variant point of view you will always be bombarded for some time by conventional wisdom as expressed by the market.
Michael Steinhardt / Manager
Emotional
Reality
Views
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Michael Steinhardt Quotes - Page 1

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