Quote 7
If you want to speculate, do so with your eyes open, knowing that you will probably lose money in the end; be sure to limit the amount at risk and to separate it completely from your investment program.
The old maestro cautioned against falling for the market timing hype:
Quote 8
We are convinced that the average investor cannot deal successfully with price movements by endeavouring to forecast them.
And he thought that even the best of the best were unlikely to beat the market:
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