"There are two times in a man's life when he should not speculate," Mark Twain said. "When he can't afford it and when he can."
There's wisdom in Twain's wit. Many people don't understand the difference between speculating and investing. They get burned chasing quick profits on risky stocks, when buying and holding high-quality companies is actually a relatively safe way to build wealth.
Some of the most powerful investing ideas can be distilled into a few pithy words or sentences. For today's column, I've gathered some of my favourite investing quotes from the likes of Warren Buffett, Ben Graham, Peter Lynch and others.
To make it a challenge, I've presented the quotes in a multiple choice format with a few key words or phrases missing. It's your job to fill in the blanks.
Each of these quotes has a message that's relevant, not just to billionaire money managers, but to do-it-yourself investors. In future columns, I'll explore the meaning of some of these quotes in greater detail.