Kenneth Fisher

“Many follow a rule of thumb - no more than 5% in one stock. But that's not the entrepreneurial road to riches.”

“If you can predict where the market's going, just do what you can predict. If you can't, which is the presumption of dollar cost averaging or time cost averaging, either one, then you're trying to ease in. But if the market rises more than it falls most of the time, easing in is, by definition, a loser's game.”

“Most investors give too much credence to the theory that prices are rational; they presume that a market collapse must have been justified by serious economic trouble.”

“Hundreds of investors ask me questions each year about the dilemmas they confront. Their worst problem? Uncertainty. They are traumatized and become emotional or confused to the state of inaction. Even worse, they try to solve a short-term problem in a way that hurts them financially in the long run.”

“I'm sometimes accused of being hostile to mutual funds. That's not fair, really. There is a place for them. Still, I am hostile to one thing, which is trying to use funds to time your way in and out of the market. That's a recipe for very bad results.”

“In the world I've known most of my life, old stories quickly lose their power over capital markets and get replaced by new surprises. That which everyone fixates on gets priced into the stock market quickly and can't drag on.”

“In history, the evidence is overwhelming: Stock market bottoms happen, and then stocks jolt upwards while the economy keeps getting worse - sometimes by a lot and for a long time.”

“China's stock market is inextricably tied to politics.”

“Environmentalists should like fracking for its relative cleanliness. But they don't. They have made a bugaboo out of the chemicals in fracking fluids, which supposedly can leach into groundwater sources. I'm convinced they're dead wrong. Ultimately, good technology with a cost advantage will win out over paranoia.”

“I never liked quantitative easing. It's misunderstood by almost everybody. Flattening the yield curve is not stimulative; flattening the yield curve is anti-stimulative.”

“Italians have always had a high savings rate. They love putting their money into their own government bonds - even more than in houses, stocks and gold. The higher rates climb, the happier they are to invest. So if austerity plans drive rates up, it's music to Italian ears.”

“Despite its many critics, hydraulic fracturing will change the nature of energy production.”

“Fundamentally cheap stocks are often held in low regard by market participants. Something may be tainting their perception in investors' minds.”

“In a bubble, anyone who argues pessimistically is seen as crazy.”

“I can find only one bull market, in 1935, that didn't have some material indigestion within its first 12 months.”

“Plenty of funds have fine long-term returns despite being tax-inefficient and generally costly. But a dirty secret is this: Average, no-load fund investors do much worse than the funds - or the market.”

“To me 'The Big Easy' is shorthand for owning big stocks that are easy for wary investors to buy into. These stocks tend to outperform during the back half of bull markets.”

“When I was a young man in the 1970s, tech firms were scattered across the developed world. Since then, America has come to dominate tech almost totally.”

“If you are prepared for some risk, junk bonds pay about 5%, but they tend to get whacked when interest rates rise. Same with lower-yielding but higher-quality corporate bonds.”

“Global stocks bottomed in June 1921, but global economies didn't hit bottom for fully two more years.”