_Quotes

English 한국어 Analytical Insight on Behavioral Finance "The four most dangerous words in investing are: 'This time it's different.'" Core Thesis This quote illustrates the psychological phenomenon of historical amnesia in financial markets, where investors dismiss cyclical precedents in favor of exceptionalism. In-depth Interpretation Templeton warns against the common pitfall of believing that market conditions are unique or unprecedented. This quote underscores the importance of historical perspective and skepticism towards claims that defy long-established investment principles. Sir John Templeton critically analyzes the systemic failure in investor psychology during market extremes. When a speculative bubble forms, participants rationalize anomalous valuations by arguing that a structural paradigm shift has occurred, rendering historical metrics obsolete. Conversely, during a crash, systemic panic leads ...

Investment, Robert Arnott “In investing, what is comfortable is rarely profitable.” - Robert Arnott This quote reminds us that successful investing often requires taking calculated risks and stepping out of our comfort zones. It suggests that true profitability may come from making decisions that might seem challenging or counterintuitive.

Investment, Benjamin Franklin “An investment in knowledge pays the best interest.” - Benjamin Franklin This quote emphasizes the value of education and learning. Franklin suggests that the returns on investing in one's knowledge and skills can be far greater than any financial investment.

Investment, Bill Gross Investment markets in the United States will not ultimately prosper under such an increasingly odorous environment. - Bill Gross 미국의 투자 환경은 이런 냄새가 증가하는 환경에서는 궁극적인 번영을 이루지 못할 것이다. - 빌 그로스

b.classList.remove('active')); this.classList.add('active');">English b.classList.remove('active')); this.classList.add('active');">한국어 “ This time is never different. - Wall Street The phrase "This time is never different" serves as a direct rebuttal to the dangerous rationalization, "This time it's different." During a massive bull market, investors often justify sky-high valuations by arguing that a new technology, a new economic policy, or a new era has structurally changed the rules of the game. Conversely, during a severe bear market, people panic and assume the financial system is broken beyond repair. This adage reminds investors of a few timeless truths: Psychology Drives the Market: Technologies and economic environments change, but human behavior does not. The underlying drivers of market cycles—greed during peaks and fear ...

b.classList.remove('active')); this.classList.add('active'); p.querySelector('.content-en').style.display='block'; p.querySelector('.content-ko').style.display='none';">English b.classList.remove('active')); this.classList.add('active'); p.querySelector('.content-en').style.display='none'; p.querySelector('.content-ko').style.display='block';">한국어 Did you know? While this quote sounds exactly like a powerful motivational mantra you would hear on Wall Street, it was actually penned by the 19th-century American author Washington Irving. Its inspiring message has resonated with dreamers and doers alike for generations. Great minds have purposes; others have wishes. - Washington Irving What this beautiful quote teaches us The Core Meaning: This quote gently highlights the fundamental difference betwe...

English 한국어 "You cannot outperform the crowd when you are part of it." Wall Street Force yourself to trade against the consensus. The Philosophy of the Contrarian This Wall Street adage highlights a simple mathematical and psychological truth about financial markets: if you do exactly what everyone else is doing, your results will, at best, be exactly average. Here is a breakdown of the core concepts: The Math of the Crowd The "consensus" or the "crowd" represents the market average. If you buy the same stocks at the same time as the majority, your portfolio will simply mirror the broader market. To outperform, your decisions must look different. Market Mechanics When the crowd unanimously agrees that an asset is a "great buy," the price is usually pushed up to its maximum. Conversely, when t...

Speculation is an effort, probably unsuccessful, to turn a little money into a lot. Investment is an effort, which should be successful, to prevent a lot of money from becoming a little. ― Fred Schwed Jr. , Where Are the Customers' Yachts?: Or a Good Hard Look at Wall Street 투기는 적은 돈으로 큰 돈을 만들려는, 아마도 성공하지 못할 노력입니다. 투자는 큰 돈을 손실로 막기 위한 노력이며, 그것은 성공적이어야 합니다. - 프레드 슈워드 2세

Where are the customers’ yachts? $ Wall Street Your broker is not your buddy. 고객들의 요트는 어디에 있지요? - 월가격언 월가를 찾은 시골사람들을 데리고 뉴욕 시내를 구경시켜주던 증권회사 직원이 바닷가 선착장에 정박해있던 요트들을 가리키며 자랑스러운 목소리로 이렇게 말했다. “저게 다 은행가와 주식 중개인들의 요트지요.” 그러자 한 시골사람이 물었다. “그럼 고객들의 요트는 어디에 있지요?” 이 대화는 1940년에 초판이 출간된 프레드슈워드의 책 제목으로도 쓰여졌을 만큼 유명해졌는데, 사실 투자자들이 내는 거래 수수료는 증권회사와 자산운용회사를 비롯한 증권관련 금융기관들의 중요한 수입원이다. 주식 중개인은 당신 편이 아니다.

The best possible time to invest is when the sky is black with clouds. - Wall Street After extreme weakness buy stocks. 투자하기에 최선의 시점은 하늘에 잿빛 먹구름이 가득할 때다. - 월가격언 로스차일드 경이 말한 것처럼 대포소리가 들리고 거리에 피가 흐를 때 주식을 살 수 있어야 진짜 고수다. 절망적인 약세는 매수신호다.

Stock investing merely attempts to anticipate the inevitabilities of future changing condition. - Wall Street Anytime there is change there is opportunity. 투자란 불가피한 미래의 상황 변화를 예측하고자 하는 것이다. - 월가격언 변화가 있는 곳에 기회가 있는 법이다.

The big money in booms is always made first by the public on paper, and it remains on paper. - Wall Street Everyone is wise after the event. 강세장에서 큰 돈은 늘 대중들이 먼저 벌지만, 그건 계속 평가이익으로만 남는다. - 월가격언 사람들은 늘 지나놓고 나서야 현명해진다.

There are times when one should invest, and just as surely there are times when one should not. $ Wall Street There is a time for all things. 투자를 해야 할 때가 있고, 투자를 해서는 안되는 때가 있다. - 월가격언 무슨 일이든 다 때가 있기 마련이다.

Nobody can be successful by speculating every day or every week. $ Wall Street Many trades, many losses. 매일매일 투기성 거래를 하는 사람은 성공할 수 없다. - 월가격언 거래가 잦을수록 손실이 크다.

A man adapts himself to conditions so quickly that he loses the perspective. - Wall Street A lordly taste makes a beggar's purse. 사람들은 상황에 너무 빨리 적응하는 바람에 균형감각을 상실해버린다. - 월가격언 고상한 입맛은 지갑을 비운다.

If a company has dynamic growth prospects, do not sell it just because it looks temporarily too high. - Wall Street Kill not the goose that lays the golden eggs. 미래 성장성이 아주 뛰어난 기업이라면 일시적으로 주가가 너무 올랐더라도 매도하지 말라. - 월가격언 황금알을 낳는 거위를 죽이지 말라.

Gambling begins where we risk what we can't afford to gain something we haven't earned. - Wall Street Don't forget the difference between investing and gambling. 도박이란 자신이 벌지 못한 것을 얻기 위해 감당할 수 없는 리스크를 무릅쓸 때 시작되는 것이다. - 월가격언 투자와 도박의 차이를 잊지 말라.

The game of speculation is the most uniformly fascination game in the world. - Wall Street Human routinely exchange large amounts of money for excitement. 투기라고 하는 게임만큼 언제나 그렇게 흥미진진한 게임도 없다. - 월가격언 인간이란 단지 재미를 위해 엄청난 돈을 날려버리곤 한다.

The game of speculation is the most uniformly fascinating game in the world. But it is not a game for the stupid, the mentally lazy, the person of inferior emotional balance, or the get-rich-quick adventurer. They will die poor. - Jesse Livermore (1877-1940), How To Trade In Stocks 투기라고 하는 게임만큼 언제나 그렇게 흥미진진한 게임도 없다. 그러나 이 게임은 어리석은 사람이나 정신적으로 굼뜬 사람, 감정조절이 잘 안되는 사람에게는 맞지 않는다. 단번에 벼락부자가 되려는 투기꾼에게는 더더욱 맞지 않는다. 이런 사람들은 불행 속에서 죽음을 맞이할 것이다. - 제시 리버모어 (Jesse Livermore) from '주식투자의 기술'

There are really no more brilliant investors than brilliant lawyer or top-flight surgeons. - Wall Street Great undertakings require great preparation. 탁월한 능력의 투자자는 뛰어난 변호사나 일류의사보다 그 숫자가 많지 않다. - 월가격언 대단한 성과를 거두기 위해서는 엄청난 준비가 필요하다.