Larry Gagosian Quotes

There were two qualities about the mutual funds of the 1920s that made them extremely speculative. One was that they were heavily leveraged. Two, mutual funds were allowed to invest in other mutual funds.

The trend of the market is up, not down. Shorting stocks puts you against that trend and thus makes it more difficult to make money.

Education is a bubble in a classic sense. To call something a bubble, it must be overpriced, and there must be an intense belief in it.

If you can predict where the market's going, just do what you can predict. If you can't, which is the presumption of dollar cost averaging or time cost averaging, either one, then you're trying to ease in. But if the market rises more than it falls most of the time, easing in is, by definition, a loser's game.

You know, the market was down yesterday... my first thought when I heard-just on a personal basis, when I heard there had been this attack and I saw the futures this morning, which were really in the tank, I thought, Time to buy.

Certainly there are bubble-like valuations of certain companies, but I don't think anyone out there believes that we're going to go back to doing business the way we used to do business.

The upward move at the beginning of a bull market is almost always huge compared with the vacillations late in the bear market. If you try to pick a bottom, you will miss a good part of the action.

Financial crisis is the moment of truth for real collectors and true artists.

There's never been a good period of venture capital when prices weren't high.

Bitcoin, in the short or even long term, may turn out be a good investment in the same way that anything that is rare can be considered valuable. Like baseball cards. Or a Picasso.

All markets have boom and bust cycles, and I think venture capital market has even more exaggerated boom and bust cycles.

When the man who ought to want a stock doesn't want it, why should I want it?

You do not have to be a rocket scientist to know that it is hard for a market to keep going up when more and more people are getting out.

Who cares if companies are overvalued or not?

As a bull market turns into a bear market, the new pros turn into optimists, hoping and praying the bear market will become a bull and save them. But as the market remains bearish, the optimists become pessimists, quit the profession, and return to their day jobs. This is when the real professional investors re-enter the market.

If you're making all your money simply betting on interest rates, that's not a business. Flow is a business. On the outside, they look the same for a while. But when you dig into them, no, they weren't exactly the same.

Usually, you measure appetite of investors by their ability or willingness to take a bit of leverage on their positions.

The consequences of overestimating a company and your ability to analyse it are greatly diminished when you're paying a lot less for it than your analysis shows it is worth.

When investing, pessimism is your friend, euphoria the enemy.

Confusing speculation with investment is always a mistake.

I think without a doubt, that what is called "financial genius" is merely a rising market.

Reversion to the mean is the iron rule of the financial markets.

Buying stock is exactly the same thing as going to a casino, only with no cocktail service.

Cheer the bull, or cheer the bear; cheer both, and you will be trampled and eaten.

I knew a guy who had $5 million and owned his house free and clear. But he wanted to make a bit more money to support his spending, so at the peak of the internet bubble he was selling puts on internet stocks. He lost all of his money and his house and now works in a restaurant. It's not a smart thing for the country to legalize gambling [in the stock market] and make it very accessible.