Michael Steinhardt Quotations

Now people are charging much fancier fees, and they don't make the same demands on themselves. I was always anxious that my fees were egregious and that I had to have the best performance in the world to justify them.

He knows Hillel as well as anyone coming in, certainly better than the other candidates. He's familiar with the system, he's committed, intelligent, he's attractive and he's got great motivation to do the job.

I was always anxious that my fees were egregious and that I had to have the best performance in the world to justify them.

The Orthodox believe in Jewish literacy, and most of the rest of us couldn't care less. Rabbis and other creatures have a monopoly on Judaism. This is a turnoff in a world that is increasingly secular and that has turned away from religion. Jews are simply turning away from Judaism.

Speculative joy, the joy derived from being right and being rewarded, may well be similar to the rush felt by a winning gambler.

I hope he has the breadth to do it.

If you see a wonderful archaic Greek marble object in a museum, it's not only that it's beautiful, but what comes to your mind is the fact that it's 2,600 or so years old, and it was done by a human being at that time who you have such a limited ability to grasp - and yet you have this enormous ability to grasp.

Part of my attraction to ancient art is that there is an element of risk, of speculation.

In North America, the greatest threat to the Jewish people is not the external force of antisemitism, but the internal forces of apathy, inertia and ignorance of our own heritage.

A little part of my life is built around ancient art.

Art is a form of asset. Hedge-fund managers who have made money fast should diversify into other areas.

When your views are truly contrarian, they are inevitably uncomfortable. Courage and the ability to withstand pain are required,

Brokerage firms don't sell customers stock so much as they sell those horrible mutual funds

You have to be intellectually honest with yourself and others. In my judgment, all great investors are seekers of truth.

Time and again, in every market cycle I have witnessed, the extremes of emotion always appear, even among experienced investors. When the world wants to buy only [bonds], you can almost close your eyes and [buy] stocks.

In the 1950s and 1960s, the heroes were the long-term investors; today the heroes are the wise guys.

A good trader has to have three things: a chronic inability to accept things at face value, to feel continuously unsettled, and to have humility.

The markets are always changing, and the successful trader needs to adapt to these changes.

The balance between confidence and humility is best learned through extensive experience and mistakes.

The hardest thing over the years has been having the courage to go against the dominant wisdom of the time to have a view that is at variance with the present consensus and bet that view. The hard part is that the investor must measure himself not by his own perceptions of his performance, but by the objective measure of the market. The market has its own reality. In an immediate emotional sense the market is always right so if you take a variant point of view you will always be bombarded for some time by conventional wisdom as expressed by the market.

Good investing is a peculiar balance between the conviction to follow your ideas and the flexibility to recognize when you have made a mistake.

I was happier when pursuing success than I was when savoring its fruits; the attraction, perhaps the addiction, was in the process, as much as in its end.