Chances

If one door closes, another one opens.

Spanish proverb – quoted by Miguel de Cervantes y Saavedra (Spanish writer, 1547-1616) in “Don Quixote” (1605), Quotations book 2011

Bob Farrell’s 10 rules

1. Markets tend to return to the mean over time.
2. Excesses in one direction will lead to an opposite excess in the other direction.
3. There are no new eras – excesses are never permanent.
4. Exponential rapidly rising or falling markets usually go further than you think, but they do not correct by going sideways.
5. The public buys the most at the top and the least at the bottom.
6. Fear and greed are stronger than long-term resolve.
7. Markets are strongest when they are broad and weakest when they narrow to a handful of blue chip names.
8. Bear Markets have three stages – sharp down – reflexive rebound – a drawn-out fundamental downtrend.
9. When all the experts and forecasts agree – something else is going to happen.
10. Bull markets are more fun than bear markets.

Robert J. “Bob” Farrell – American analyst, main analyst at Merrill Lynch 1976-1992 (1932-2017), Quotations book 2011

Arouse enthusiasm

I consider my ability to arouse enthusiasm to be my greatest asset, and the way to develop the best that is in a person is by appreciation and encouragement. There is nothing that kills the ambitions of a person as much as criticisms from superiors. I never criticize anyone. I believe in giving people incentive to work. So I am anxious to praise but loath to find fault. If I like anything, I am hearty in my appreciation and hearty in my praise.

attributed to Charles M. Schwab – American industrialist and steel magnate (1862-1939), Quotations book 2011

Pray

I have been driven many times upon my knees by the overwhelming conviction that I had nowhere else to go. My own wisdom, and that of all about me, seemed insufficient for the day.

attributed to Abraham Lincoln – American politician, 1861-65 16th president (1809-1865), Quotations book 2011

Endurance

When everything seems to be going against you, remember that the airplaine takes off against the wind, not with it.

Henry Ford – American engineer and industrialist (1863-1947), Quotations book 2011