"Markets are fundamentally volatile. No way around it. Your prolem is not in the math. There is no math to get you out of having to experience uncertainty."

"Pyramiding instructions appear on dollar bills. Add smaller and smaller amounts on the way up. Keep your eye open at the top."

"Here's the essence of risk management: Risk no more than you can afford to lose, and also risk enough so that a win is meaningful. If there is no such amount, don't play."

"To avoid whipsaw losses, stop trading."

"If you want to know everything about the market, go to the beach. Push and pull your hands with the waves. Some are bigger waves, some are smaller. But if you try to push the wave out when it's coming in, it'll never happen. The market is always right."

"Charles Faulkner tells a story about Seykota's finely honed intuition when it comes to trading: I am reminded of an experience that Ed Seykota shared with a group. He said that when he looks at a market, that everyone else thinks has exhausted its up trend, that is often when he likes to get in. When I asked him how he made this determination, he said he just puts the chart on the other side of the room and if it looked like it was going up, then he would buy it... Of course this trade was seen through the eyes of someone with deep insight into the market behavior."

"The trend is your friend except at the end where it bends."

"I think that if people look deeply enough into their trading patterns, they find that, on balance, including all their goals, they are really getting what they want, even though they may not understand it or want to admit it."

"Win or lose, everybody gets what they want out of the market. Some people seem to like to lose, so they win by losing money."

"The elements of good trading are cutting losses, cutting losses, and cutting losses."

"The markets are the same now as they were five or ten years ago because they keep changing-just like they did then."

"… Huge institutional investors, viewed as a group, have long underperformed the unsophisticated index-fund investor who simply sits tight for decades. A major reason has been fees: Many institutions pay substantial sums to consultants who, in turn, recommend high-fee managers. And that is a fool’s game. There are a few investment managers, of course, who are very good – though in the short run, it’s difficult to determine whether a great record is due to luck or talent. Most advisors, however, are far better at generating high fees than they are at generating high returns. In truth, their core competence is salesmanship. Rather than listen to their siren songs, investors – large and small – should instead read Jack Bogle’s The Little Book of Common Sense Investing."

"It's an opportunity to buy more... The one piece of advice I would categorically give everybody is: For God’s sake, don’t stop a program of regular investing because the market goes down. You’re killing the whole value of dollar-cost averaging."

"Beating the market is a zero-sum game for investors. Money managers, as a group, must provide the market return... But that return comes only before their exorbitant fees, operating expenses, and portfolio turnover costs are deducted. The zero-sum game before costs becomes a loser’s game after costs."

"The courage to press on regardless—regardless of whether we face calm seas or rough seas, and especially when the market storms howl around us—is the quintessential attribute of the successful investor."

"Yes, the investor is often his own worst enemy. Yes, the marketing colossus known as the mutual fund industry provides the weaponry which enables investors’ to indulge their suicidal instincts. No, the fund industry was hardly an innocent bystander in the market boom and the subsequent carnage. "We have met the enemy and he is us"… all of us."

"The principal role of the mutual fund is to serve its investors."

"Definition of reality: the fastest possible version of all the details and degrees of freedom present."

"At the core of the notion of a superhuman intelligence - particularly the view that this intelligence will keep improving itself - is the essential belief that intelligence has an infinite scale. I find no evidence for this. Again, mistaking intelligence as a single dimension helps this belief, but we should understand it as a belief. There is no other physical dimension in the universe that is infinite, as far as science knows so far. Temperature is not infinite - there is finite cold and finite heat. There is finite space and time. Finite speed. Perhaps the mathematical number line is infinite, but all other physical attributes are finite.It stands to reason that reason itself is finite, and not infinite."

"The technium expands life’s fundamental traits, and in so doing it expands life’s fundamental goodness. Life’s increasing diversity, its reach for sentience, its long-term move from the general to the different, its essential (and paradoxical) ability to generate new versions of itself, and its constant play in an infinite game are the very traits and “wants” of the technium. Or should I say, the technium’s wants are those of life. But the technium does not stop there. The technium also expands the mind’s fundamental traits, and in so doing it expands the mind’s fundamental goodness. Technology amplifies the mind’s urge toward the unity of all thought, it accelerates the connections among all people, and it will populate the world with all conceivable ways of comprehending the infinite."

"The technium is the way the universe has engineered its own self-awareness. ... The universe is mostly empty because it is waiting to be filled with the products of life and the technium, with questions and problems and the thickening relations between bits that we call con scientia—shared knowledge—or consciousness. And whether we like it or not, we stand at the fulcrum of the future. We are in part responsible for the evolution of this planet proceeding onward."

"In the coming era, doing the exactly right next thing is far more fruitful than doing the same thing twice."

"The problem with trying to measure productivity is that it measures only how well people can do the wrong jobs. Any job that can be measured for productivity probably should be eliminated from the list of jobs that people do."

"Productivity, however, is exactly the wrong thing to care about in the new economy."

"There is more to be gained by producing more opportunities than by optimizing existing ones."

"Don't solve problems, pursue opportunities."

"Every opportunity seized launches at least two new opportunities."

"It is not money the Great Asymmetry accrues, nor energy, nor stuff. The origin of economic wealth begins in opportunities."

"The network economy is founded on technology, but can only be built on relationships. It starts with chips and ends with trust."

"One of the chief chores in the next economy is to restore the symmetry of knowledge."

"Privacy is a type of conversation. Firms should view privacy not as some inconvenient obsession of customers that must be snuck around but more as a way to cultivate a genuine relationship."

"The net demands wiser customers."

"Expertise now resides in fanatical customers. The world's best experts on your product or service, don't work for your company. They are your customers, or a hobby tribe."

"As in other technological evolutions, relationship tech will begin its innovation in the avant garde, then work back to the familiar."

"In the network economy, producing and consuming fuse into a single verb: prosuming. Since a relationship involves two members investing in it, its value increases twice as fast as one's investment."

"Outsiders act as employees, employees act as outsiders. New relationships blur the roles of employees and customers to the point of unity. They reveal the customer and the company as one."

"When information is plentiful, peers take over."

"The central economic imperative of the new economy is to amplify relationships."

"Change comes in various wavelengths. There are changes in the game, changes in the rules of the game, and changes in how the rules are changed."

"To achieve sustainable innovation you need to seek persistent disequilibrium. To seek persistent disequilibrium means that one must chase after disruption without succumbing to it, or retreating from it."

"In a poetic sense the prime goal of the new economy is to undo – company by company, industry by industry – the industrial economy."

"If the system settles into harmony and equilibrium it will eventually stagnate and die."

"The network economy has moved from change to flux."

"The net shifts from mass media to mess media."

"It takes a village to make a mall. Community precedes commerce."

"The big will have a different kind of bigness. The network economy encourages the middle space. It supplies technology (which the industrial age could not) to nurture mid-sized wonders."

"Everywhere networks go, intermediaries follow. The more nodes, the more middlemen."

"In the marketspace of networks, value flows in webs."