Citations de William Gann

Toutes les Citations de William Gann

1. "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."

   Source: Truth of the Stock Tape (1923)

   Time cycles are the foundation of market prediction.

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2. "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."

   Source: Tunnel Thru the Air (1927)

   When price equals time squared, trend reversal is near.

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3. "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."

   Source: How to Make Profits in Commodities (1942)

   The 45-degree angle represents perfect price-time balance.

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4. "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."

   Source: The W.D. Gann Master Commodities Course (1951)

   Square of Nine reveals natural support and resistance levels.

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5. "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."

   Source: 45 Years in Wall Street (1949)

   Risk only 10% per trade; always use stop-loss orders.

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6. "Markets follow natural laws and mathematical principles. Understanding geometry, proportions, and vibrations reveals the hidden order in seemingly chaotic price movements."

   Source: The Tunnel Thru the Air (1927)

   Markets follow natural laws and mathematical principles.

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7. "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."

   Source: How to Make Profits in Commodities (1942)

   Trend is defined by sequence of higher or lower extremes.

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8. "Markets typically retrace 50%, 33%, or 25% of a move before continuing. The 50% retracement is the most important level for support and resistance."

   Source: 45 Years in Wall Street (1949)

   Markets retrace 50%, 33%, or 25% before continuing trends.

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9. "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."

   Source: The W.D. Gann Master Commodities Course (1951)

   Master charts track all major highs and lows across decades.

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10. "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."

    Source: 45 Years in Wall Street (1949)

    Patience is essential; trading too frequently causes losses.

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11. "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."

    Source: 45 Years in Wall Street (1949)

    Discipline in valuation determines investment success.

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12. "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."

    Source: 45 Years in Wall Street (1949)

    Compare price to intrinsic value, not to past prices.

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13. "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."

    Source: 45 Years in Wall Street (1949)

    Conservative valuation protects against overpaying.

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14. "Invest in businesses with durable competitive advantages, strong cash flows, and management integrity. Quality businesses compound wealth over time and reduce downside risk."

    Source: 45 Years in Wall Street (1949)

    Quality businesses compound wealth and reduce risk.

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15. "Before investing, identify the moat — the sustainable competitive advantage that protects the business from competitors. No moat means no long-term edge."

    Source: 45 Years in Wall Street (1949)

    Identify sustainable competitive moats before investing.

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16. "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."

    Source: 45 Years in Wall Street (1949)

    Evaluate earnings quality, not just quantity.

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17. "The most successful investors stay within their circle of competence. Know what you understand well and resist the temptation to venture outside it."

    Source: 45 Years in Wall Street (1949)

    Stay within your circle of competence.

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18. "Surface-level knowledge is dangerous in investing. Develop deep expertise in your areas of focus. True understanding means knowing what could go wrong."

    Source: 45 Years in Wall Street (1949)

    Develop deep expertise, not surface knowledge.

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19. "Expand your circle of competence gradually over time. Each new area of expertise adds potential opportunities, but only if mastered thoroughly."

    Source: 45 Years in Wall Street (1949)

    Expand expertise gradually, one area at a time.

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20. "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."

    Source: 45 Years in Wall Street (1949)

    Exploit market emotions rather than being controlled by them.

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21. "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."

    Source: 45 Years in Wall Street (1949)

    Act when the crowd is at emotional extremes.

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22. "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."

    Source: 45 Years in Wall Street (1949)

    Good investments often feel uncomfortable.

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23. "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."

    Source: 45 Years in Wall Street (1949)

    Consider the downside before the upside.

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24. "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."

    Source: 45 Years in Wall Street (1949)

    Size positions based on conviction and risk.

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25. "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."

    Source: 45 Years in Wall Street (1949)

    Buy only at prices well below intrinsic value.

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26. "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."

    Source: 45 Years in Wall Street (1949)

    Wait for exceptional risk-reward opportunities.

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27. "Never invest in anything you don't fully understand. Thorough research is the foundation of every sound investment decision."

    Source: 45 Years in Wall Street (1949)

    Thorough research precedes every sound investment.

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28. "Have clear, pre-defined sell criteria. Sell when: your thesis is broken, valuation is fully realized, or a significantly better opportunity appears."

    Source: 45 Years in Wall Street (1949)

    Follow pre-defined sell criteria without emotion.

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29. "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."

    Source: 45 Years in Wall Street (1949)

    Regularly challenge your original investment thesis.

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30. "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."

    Source: 45 Years in Wall Street (1949)

    Post-mortem every sell decision to improve.

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31. "Draw insights from multiple disciplines — psychology, history, mathematics, and science — to build a lattice of mental models for better investment decisions."

    Source: 45 Years in Wall Street (1949)

    Use insights from multiple disciplines for better decisions.

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32. "Think in probabilities, not certainties. Every investment has a range of possible outcomes. Weight your decisions by the expected value of each scenario."

    Source: 45 Years in Wall Street (1949)

    Think in probabilities, not certainties.

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33. "Evaluate management by their actions, not their words. Look for a track record of capital allocation, shareholder communication, and aligned incentives."

    Source: 45 Years in Wall Street (1949)

    Judge management by actions, not words.

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34. "Understand the industry structure before evaluating any company. Industry economics often matter more than company-specific factors in determining returns."

    Source: 45 Years in Wall Street (1949)

    Industry structure shapes investment outcomes.

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35. "The most important skill for a CEO is capital allocation. Evaluate how management deploys capital — do they create or destroy value with their decisions?"

    Source: 45 Years in Wall Street (1949)

    Evaluate management's capital allocation skills.

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36. "The principles that make you a great investor — patience, discipline, humility, and continuous learning — are the same principles that lead to a great life."

    Source: 45 Years in Wall Street (1949)

    Investment principles apply to life too.

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37. "The best investors never stop learning. Read voraciously, study history, learn from mistakes, and stay curious about the world. Knowledge compounds like interest."

    Source: 45 Years in Wall Street (1949)

    Knowledge compounds like interest for investors.

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38. "Reputation takes a lifetime to build and moments to destroy. In investing and in life, integrity is the most valuable asset you can possess."

    Source: 45 Years in Wall Street (1949)

    Integrity is the most valuable asset.

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39. "The ideal investment is a high-quality business purchased at a fair price. Quality compounds wealth; fair prices protect capital."

    Source: 45 Years in Wall Street (1949)

    Seek quality businesses at fair prices.

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40. "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."

    Source: 45 Years in Wall Street (1949)

    Only invest in what you can explain simply.

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41. "Look for investments where a specific catalyst will unlock value. Without a catalyst, even cheap stocks can remain undervalued indefinitely."

    Source: 45 Years in Wall Street (1949)

    Identify specific catalysts that will unlock value.

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42. "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."

    Source: 45 Years in Wall Street (1949)

    Master your emotions to master the market.

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43. "Know the common behavioral biases that trap investors: anchoring, confirmation bias, loss aversion, and herding. Awareness is the first step to prevention."

    Source: 45 Years in Wall Street (1949)

    Know your behavioral biases to avoid them.

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44. "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."

    Source: 45 Years in Wall Street (1949)

    Think independently from the crowd.

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45. "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."

    Source: 45 Years in Wall Street (1949)

    Use the market as your servant, not your guide.

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46. "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."

    Source: 45 Years in Wall Street (1949)

    Understand where you are in the market cycle.

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47. "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."

    Source: 45 Years in Wall Street (1949)

    Prices diverge from value short-term but converge long-term.

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48. "A systematic approach to investing removes emotion and ensures consistency. Document your process, follow your rules, and review regularly."

    Source: 45 Years in Wall Street (1949)

    A systematic approach ensures consistent investing.

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49. "Use an investment checklist to ensure you don't skip critical steps. Aviation-style checklists prevent costly oversights in investment analysis."

    Source: 45 Years in Wall Street (1949)

    Use checklists to prevent investment oversights.

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50. "Review every investment decision — wins and losses — to improve your system. The best investors treat investing as a craft that can always be refined."

    Source: 45 Years in Wall Street (1949)

    Treat investing as a craft that can always improve.

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