Daniel Kahneman Quotes

I think you'll do as well as most professionals. Most professionals don't beat the market. Let's not over-rate my industry. But if you have time, you can be in good mutual funds that have good records.

I've been investing in the stock market for 27 years and, within that time, have helped investors beat the market nearly four to one.

All too often, the pitchmen are selling the notion that if you gain 'control' over your financial destiny - pick your own stocks and execute your own trades - it will be the first step on a short road to riches.

A decade ago, I really did believe that the average investor could do it himself. I was wrong. I've come to the sad conclusion that only a tiny minority, at most one percent, are capable of pulling it off. Heck, if Helen Young Hayes, Robert Sanborn, Julian Robertson, and the nation's largest pension funds can't get it right, what chance does John Q. Investor have?

The ability to select stocks, manage them over time and know when to sell them is incredibly difficult, even for professional fund managers.

Wide diversification is only required when investors do not understand what they are doing.

Mutual funds give people the sense that they're investing with the big boys and that they're really not at a disadvantage entering the stock market.

Don't gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don't go up, don't buy it.

There's 4,000-plus stocks out there, and sometimes it gets a little confusing. And we like them to start with the portfolio grader, but if they'd like to see how I use the system and pick stocks - we offer that as well.

What I'm trying to say is that for the average investor, what I would encourage them to do is to understand that there's inflation and growth. It can go higher and lower and to have four different portfolios essentially that make up your entire portfolio that gets you balanced.

You can't manage Wall Street. Wall Street has its own viewpoints on everything. I have always believed, if you manage your business correctly, Wall Street will take care of itself.

I don't pretend that I can predict the future value of the growth rate or rate of return.

A financial crisis is a great time for professional investors and a horrible time for average ones.

Money management has been a profession involving a lot of fakery - people saying they can beat the market, and they really can't.

I create offbeat advice; I don't follow it. I rarely take third-party advice on my investments.

My advice to the average investor in 1988 is to be patient and think long-term. It will take 18 months for confidence to get better and, in the meantime, this is absolutely no place for short-term money.

If you are a short-term trader, you have the right to come and go from our funds.

It's easy to buy. Prove that you bought at the right time and the right price.

Investing is a business where you can look very silly for a long period of time before you are proven right.

I really did believe that the most successful investments were the ones that you could own for the long run.

Big fund companies have many ways to increase the returns of young funds that they want to promote. And at least one of those games involves popular offerings.

As an economics undergraduate, I also worked on a part-time basis in Cambridge, Massachusetts, for a company that was advising customers about portfolio decisions, writing reports.

I sell these intermediate bond portfolios for people that can't go to stocks.

I'm sometimes accused of being hostile to mutual funds. That's not fair, really. There is a place for them. Still, I am hostile to one thing, which is trying to use funds to time your way in and out of the market. That's a recipe for very bad results.

I have never for a minute felt in was my stock picking abilities. I feel that my stock picking abilities aided- I was able to pick out which are the good stocks in the good market, but I have been blessed with a great market.