“A surprise is an event the market assigns a one-in-three chance or less of occurring”
Byron Wien
15 quotes4 research pieces4 downloadable PDFs
Quotes(15)
“Markets don’t react to what happens — they react to what was expected to happen”
“Investors lose money not because they’re wrong, but because they’re surprised.”
“The most valuable asset in investing is not intelligence, but emotional stability.”
“You will be wrong a lot. Success depends on how quickly you recognize it.”
“Curiosity compounds just like capital”
“The biggest mistakes are made at turning points, not in the middle of trends”
“Confidence rises faster than skill.”
“The market is a discounting mechanism for human emotion.”
“Most investors mistake a cyclical recovery for a secular trend”
“True secular changes are obvious only in hindsight”
“If you hear everyone agreeing, the opportunity has likely passed.”
“Humility is the final edge.”
“Time reveals what intelligence conceals.”
“The market teaches patience by punishing impatience”