50 timeless quotes on investing and life
"Time is more important than price."
— William Gann
"Every movement in the market is the result of a natural law and of a Cause which exists long before the Effect."
— William Gann
"Knowledge gives a man nerve, makes him bold, and enables him to act at the right time."
— William Gann
"Time is the most important factor in trading. Markets move in cycles, and understanding these time cycles allows you to predict turning points with greater accuracy."Read Full Analysis →
"When price and time are squared, a change in trend is imminent. This mathematical relationship between price movement and time elapsed reveals hidden market structure."Read Full Analysis →
"The 45-degree angle, or 1x1 line, is the most important. It represents a balanced relationship where price moves one unit per time unit. Angles above show strength; below show weakness."Read Full Analysis →
"The Square of Nine arranges numbers in a spiral pattern, revealing price levels of support and resistance. Key angles on the square indicate where prices are likely to reverse."Read Full Analysis →
"Never risk more than 10% of capital on a single trade. Always use stop-loss orders. Never let a profit turn into a loss. Never average down on losing positions."Read Full Analysis →
"Markets follow natural laws and mathematical principles. Understanding geometry, proportions, and vibrations reveals the hidden order in seemingly chaotic price movements."Read Full Analysis →
"A trend is defined by higher highs and higher lows in an uptrend, lower highs and lower lows in a downtrend. Never trade against the main trend."Read Full Analysis →
"Markets typically retrace 50%, 33%, or 25% of a move before continuing. The 50% retracement is the most important level for support and resistance."Read Full Analysis →
"Create master charts for each market showing all major highs and lows across decades. These charts reveal the true structure and cycles governing that market."Read Full Analysis →
"Wait for the right setup. Most traders lose because they trade too often. Discipline means following your rules even when your emotions tell you otherwise."Read Full Analysis →
"Never overpay for a security, no matter how exciting the story. The price you pay determines your return. Discipline in valuation is the foundation of investment success."Read Full Analysis →
"Always estimate the intrinsic value of a business before investing. Compare price to value, not price to past price. The gap between price and value is where profits are made."Read Full Analysis →
"Use conservative assumptions in your valuation. Optimistic projections lead to overpaying. It is better to underestimate value and be pleasantly surprised than to overestimate and be disappointed."Read Full Analysis →
"Invest in businesses with durable competitive advantages, strong cash flows, and management integrity. Quality businesses compound wealth over time and reduce downside risk."Read Full Analysis →
"Before investing, identify the moat — the sustainable competitive advantage that protects the business from competitors. No moat means no long-term edge."Read Full Analysis →
"Not all earnings are equal. Look for recurring, cash-backed earnings rather than accounting profits. High-quality earnings are predictable, sustainable, and convertible to free cash flow."Read Full Analysis →
"The most successful investors stay within their circle of competence. Know what you understand well and resist the temptation to venture outside it."Read Full Analysis →
"Surface-level knowledge is dangerous in investing. Develop deep expertise in your areas of focus. True understanding means knowing what could go wrong."Read Full Analysis →
"Expand your circle of competence gradually over time. Each new area of expertise adds potential opportunities, but only if mastered thoroughly."Read Full Analysis →
"Markets are driven by fear and greed. The disciplined investor exploits these emotions rather than being controlled by them. Emotional control is the key competitive advantage."Read Full Analysis →
"Understanding crowd psychology is essential. When everyone agrees, the opportunity has usually passed. The best time to act is when the crowd is most fearful or most confident."Read Full Analysis →
"The best investments often feel uncomfortable because they go against popular opinion. If everyone loves a stock, it's probably overpriced. If everyone hates it, investigate."Read Full Analysis →
"Before considering how much you can make, consider how much you can lose. Risk management is not about avoiding risk entirely, but about understanding and controlling it."Read Full Analysis →
"The size of your position should reflect your conviction and the risk involved. Never bet so large that a single mistake can wipe out your portfolio."Read Full Analysis →
"The cardinal rule of investing: buy only when the price is significantly below your conservative estimate of intrinsic value. This builds in protection against error."Read Full Analysis →
"The stock market is a no-called-strike game. You don't have to swing at every pitch. Wait for the fat pitch — the opportunity that offers exceptional risk-reward."Read Full Analysis →
"Never invest in anything you don't fully understand. Thorough research is the foundation of every sound investment decision."Read Full Analysis →
"Have clear, pre-defined sell criteria. Sell when: your thesis is broken, valuation is fully realized, or a significantly better opportunity appears."Read Full Analysis →
"Regularly review whether your original reasons for owning a stock still hold. If the facts change, change your mind. Holding a broken thesis is the costliest mistake."Read Full Analysis →
"After every sell, review the outcome. Did you sell too early, too late, or at the right time? Post-mortems on sell decisions improve future judgment."Read Full Analysis →
"Draw insights from multiple disciplines — psychology, history, mathematics, and science — to build a lattice of mental models for better investment decisions."Read Full Analysis →
"Think in probabilities, not certainties. Every investment has a range of possible outcomes. Weight your decisions by the expected value of each scenario."Read Full Analysis →
"Evaluate management by their actions, not their words. Look for a track record of capital allocation, shareholder communication, and aligned incentives."Read Full Analysis →
"Understand the industry structure before evaluating any company. Industry economics often matter more than company-specific factors in determining returns."Read Full Analysis →
"The most important skill for a CEO is capital allocation. Evaluate how management deploys capital — do they create or destroy value with their decisions?"Read Full Analysis →
"The principles that make you a great investor — patience, discipline, humility, and continuous learning — are the same principles that lead to a great life."Read Full Analysis →
"The best investors never stop learning. Read voraciously, study history, learn from mistakes, and stay curious about the world. Knowledge compounds like interest."Read Full Analysis →
"Reputation takes a lifetime to build and moments to destroy. In investing and in life, integrity is the most valuable asset you can possess."Read Full Analysis →
"The ideal investment is a high-quality business purchased at a fair price. Quality compounds wealth; fair prices protect capital."Read Full Analysis →
"Never invest in a business you cannot explain in simple terms. If you can't describe why a company is valuable, you don't understand it well enough to own it."Read Full Analysis →
"Look for investments where a specific catalyst will unlock value. Without a catalyst, even cheap stocks can remain undervalued indefinitely."Read Full Analysis →
"The greatest enemy of the investor is himself. Fear, greed, regret, and pride cause more losses than any economic event. Master your emotions to master the market."Read Full Analysis →
"Know the common behavioral biases that trap investors: anchoring, confirmation bias, loss aversion, and herding. Awareness is the first step to prevention."Read Full Analysis →
"Think independently. The crowd is often wrong at extremes, and following popular opinion is a reliable path to mediocre returns. Form your own informed views."Read Full Analysis →
"The market exists to serve you, not to guide you. Use market prices to your advantage — buy when the market offers bargains and sell when it offers premiums."Read Full Analysis →
"Markets move in cycles driven by human emotion. Understanding where you are in the cycle helps you prepare for what comes next and position accordingly."Read Full Analysis →
"In the short run, the market is a voting machine; in the long run, it's a weighing machine. Prices can diverge wildly from value, but eventually converge."Read Full Analysis →
"A systematic approach to investing removes emotion and ensures consistency. Document your process, follow your rules, and review regularly."Read Full Analysis →
"Use an investment checklist to ensure you don't skip critical steps. Aviation-style checklists prevent costly oversights in investment analysis."Read Full Analysis →
"Review every investment decision — wins and losses — to improve your system. The best investors treat investing as a craft that can always be refined."Read Full Analysis →
"Time is more important than price."
We have curated 50 verified William Gann quotes, each with source attribution and in-depth analysis.
William Gann frequently discusses value investing, risk management, and long-term thinking.