“The market,like the Lord,helps those who help themselves.But unlike the Lord, the market does not forgive those who know what they do.”

The stock market is there to make you rich if you know what you are doing.But if you dont know what you are doing,it will show no mercy in making you poor.Ignorance,when mixed with greed,is the stuff financial disasters are made of. In 1969 ,at the high end of the sixties bull market,Warren thought stocks were so overpriced that he got out of the market completely. By 1973-74 the stock market had completely reversed itself and stocks were selling at abrgain prices .Warren bought them up with the appetite of as he said,”a sex-starved man in the middle of a harem filled with beautiful women.” Many of those beauties went on to help make him a billionaire.

As for those investors who stayed in the market after Warren left in 1969,many of them lost their shirts when it crashed in ’73-74,and getting back in became impossible-you need money to buy stocks.It really does help if you know what you are doing.