"In a gold rush, do not invest in gold mines, but in shovels" - Andre Costolani

Andre Costolani (1906 - 1999) is a Hungarian-born Hungarian born in Budapest. After graduating from high school, he began to study philosophy and art history in his hometown, but in 1927 he was forced by his father to break his studies and go to Paris to work as a broker. Costolani began his career as a speculator and arbitrator in the French capital, where he was able to make significant profits despite the 1929 world crisis and the long-running bear market.
The Second World War forced a Hungarian Jew of descent to leave Europe and settle in New York. Since the end of the war, Costolani has invested heavily in rebuilding the German economy. The accumulation of considerable wealth enables him to engage in lecturing, and he begins to give seminars on the stock markets and to write books, which gives him a place among the most famous analysts and experts in the field of stock trading.

Here are some of his thoughts on the market:

The whole exchange depends on whether there are more shares than idiots or vice versa.

One who has a lot of money can speculate; one who has little money cannot speculate; one who has no money has to speculate.

If all players speculate on a position that everyone considers to be safe, then almost always things go wrong.
You don't have to be rich but independent.

I not only encourage my readers not to participate in the New Market (dot.com since 2000). No, I forbid them. It will all end with a terrible crash.

There are old pilots and there are brave pilots, but there are no old, brave pilots.

On a stock exchange 2 to 2 it never makes 4 but 5 minus 1. You have to have the nerve to endure minus 1.

You should never run after a tram or an action. Patience only: the next / next are coming for sure.

The success of the stock exchange is an art, not a science.

When it comes to money, there is only one slogan: MORE!
Buy stocks and drink valerian - by the time you wake up, you will have already made money.

Anyone can speculate. Doing it at the right time is an art.

The stock market's ratio to the farm is like that of an adult man walking with his dog. The man walks slowly forward and the dog runs back and forth.

For gold rush, do not invest in gold mines, but in shovels.

You may win, but you must lose.

The four Gs (from the first letters of the corresponding words in German), which contributed significantly to Kostolani's success:

1. money and own, not borrowed;
2. thoughts - their own, not that of a stockbroker;
3. patience, because the stock market counts: 2 + 2 = 5 - 1;
4. happiness, which unfortunately not everyone has.

The little I know about economics and finance I learned not in the universities or in the specialized literature, but in the jungle. "I definitely paid more money for training than it would cost me at Harvard," Kostolani says. And it adds: The point is to live as long as possible with little desire and many small pleasures.

Inflation is like nicotine or alcohol. In small amounts stimulating, but you should not be allowed to become a system smoker or alcoholic.

You can win, you can lose, but to win back is impossible.

Money decisions are made when you read the newspaper between the lines.

Electronic data processing systems handle what they supply. If you put trash inside, the trash will come out as a result.

Who wants to eat well, buys shares; who wants to sleep well, buys bonds.

Profits from the stock exchange are compensation for the suffering suffered. First comes the suffering, then the money.

Use just as much time to buy a stock car as buying a used car.

Everything is possible on the stock exchange, as well as the opposite.

Anyone who does not believe in the wonders of the stock market is a realist.

He who does not have shares when they fall, he does not have them when they go up.

On the stock market half truth is a whole lie.

Often on the stock market, the feeling tells us what to do and the mind tells us what to avoid.

In every good French bourgeois family, the stupidest son was sent to the stock market. There are definitely reasons for this.

The biggest speculation in the world would be to buy a politician the value he has and sell it to the value he gives himself.

The more recommendations are followed, the greater the disappointments.
When the stock market rises, the audience comes; when the stock market starts to drop, the audience goes away.

If a banker replies to your proposal with no, he means "maybe"; if he says "maybe" then he means "yes" but if he spontaneously says "yes" then he is not a good banker.

One-fifth of the stock exchanges are speculators, four-five brokerages.

Economics of economy and technology are the biggest enemies of stock exchange logic, since stock exchange has its own logic.

While the speculator operates on the stock market, the money earned is borrowed money.

Those who are unable to form their own opinions and make their own decisions should not go to the stock market.

Experts say it, but they don't know it. (Costolani for investment advisers)

Buy stocks, take sleeping pills and look no further at the paper. After many years you will see that you have become rich.
The two hardest things on the stock market are accepting a loss and not making a small profit. However, the hardest thing is to have an independent opinion, to do the opposite of what the majority does.

What would the stock market be like without the madmen ?!

The so-called general opinion of the stock exchange does not make ten pfenigs.

You can also learn from a fool, especially what should not be done.

At the lowest rate of exchange, the hardest hold the stocks and the most shaky money, at the top of the boom the hardest are the money, and the shivering hold the shares.
When the stock market no longer responds to the good news - leave, and when the bad news has no more impact - go in.

Money is the oxygen on the stock market.

The most certain brake on wild speculative rabies is loss.

The logic of the stock market is that you often have to be illogical - and this is the great art of speculation and stock market analysis.

The more proficient a speculator is, the more often he goes against the general trend.

Most people who have the quality to make a lot of money rarely have the ability to enjoy them.

Earlier every day I went to the stock market because nowhere in the world I could meet more fools per square meter than there.

The mass psychological reactions to the stock exchange are like the theater: when one is yawning, in a short time everyone is yawns. When one coughs, he starts coughing the whole room.
Stock market is spoiled and unpredictable. You must also be able to anticipate the reactions of the audience.
If an event has a psychological effect, then that action must immediately occur because the next day the event is forgotten.

90 percent of the players on the stock exchange have no ideas, let alone think. Even toto players and bettors have ideas and motivation. Exchange players most often go blind with the table. If courses can no longer be uploaded, then they must drop. What everyone knows on the stock market does not fool me. The successful player on the stock exchange wins not because of his mind, but from the stupidity of the others.
Rothschild can cause a lift, but it cannot avoid falling to the bottom.

Costolani says hedge funds are misleading to the public, even double: first, they are not hedges, and second, they are not real funds. Therefore, serious investors should not touch hedge funds.

Initially, I was convinced that the stock market was the largest discovery in the world. Currently, I still advocate this position, says the investor.

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