“But a pin lies in wait for every bubble. And when the two eventually meet, a new wave of investors learns some very old lessons: First, many in Wall Street — a community in which quality control is not prized — will sell investors anything they will buy. Second, speculation is most dangerous when it looks easiest.”

2000 Chairman's Letter
Letters to Shareholders (1957 - 2012)

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "But a pin lies in wait for every bubble. And when the two eventually meet, a new wave of investors learns some very old…" by Warren Buffett?
Warren Buffett photo
Warren Buffett 146
American business magnate, investor, and philanthropist 1930

Related quotes

Benjamin Graham photo

“The intelligent investor is a realist who sells to optimists and buys from pessimists.”

Source: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 31
Context: Why could the typical investor expect any better success in trying to buy at low levels and sell at high levels than in trying to forecast what the market is going to do? Because if he does the former he acts only after the market has moved down into buying levels or up into selling levels. His role is not that of a prophet but of a businessman seizing clearly evident investment opportunities. He is not trying to be smarter than his fellow investors but simply trying to be less irrational than the mass of speculators who insist on buying after the market advances and selling after it goes down. If the market persists in behaving foolishly, all he seems to need is ordinary common sense in order to exploit its foolishness.

Edwin Lefèvre photo

“The speculator is not an investor.”

Source: Reminiscences of a Stock Operator (1923), Chapter X, p. 114

Didier Sornette photo

“Since it is the actions of investors whose buy and sell decisions move prices up and down, any deviation from a random walk has ultimately to be traced back to the behavior of investors.”

Didier Sornette (1957) French scientist

Source: Why Stock Markets Crash - Critical Events in Complex Systems (2003), Chapter 4, Positive Feedbacks, p. 81

Mary Meeker photo
Scott Adams photo
Michael Lewis photo
Benjamin Graham photo

“The investor would not be far wrong if this motto read more simply: "Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop."”

Benjamin Graham (1894–1976) American investor

Source: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 43

Benjamin Graham photo
Benjamin Graham photo

Related topics