George McAuliffe [McAuliffe - Wealth & Wisdom: Timeless Quotations and Comments About Money and Investing

praise for Wealth & Wisdom

Long before Twitter capped the maximum length of a tweet at 140 characters, wise people with pens and styluses were jotting down adages. Buy low, sell high, one of their number said. The unnamed author of this aphorism did more than proffer the best and simplest item of investment advice ever recorded. He or she also wrote an 18-character guide for living. Between these covers is collected some of the best and wittiest of the worlds short-form financial wisdom. The ancients and the moderns take turns advising us when to buy, when to sell (if at all) and how to think. from the Foreword by James Grant, author of Money of the Mind and Mr. Market Miscalculates and editor of Grants Interest Rate Observer

Much more than a handy cheat sheet for the board room or the coffee table, these timeless maxims woven together will keep you healthy, wealthy... and witty. Franois D. Picard, anchor, France24

No better words of wisdom. Nowhere. A trove of the most inspiring, insightful nuggets of knowledge. Herb Greenberg, TheStreet; contributor, CNBC

This is a wonderful collection of bits of wisdom. Vitaliy Katsenelson, Chief Investment Officer, Investment Management Associates, author of The Little Book of Sideways Markets

Johann Wolfgang von Goethe once wrote All intelligent thoughts have already been thought; what is necessary is only to try to think them again. In Wealth & Wisdom, investor George McAuliffe reminds us of many of the best thoughts on investing, from ancients such as Aristotle to moderns such as Harry Truman. Learn, laugh, ponder and apply the investment wisdom of the ages found in this marvelous collection. Consuelo Mack, anchor and Executive Producer, Consuelo Mack WealthTrack

As a professional trader for the last 20 years, many of the quotes found in this book are truly words to trade by. You could read ten thousand pages of books on market psychology, and not get anywhere near the money-making (and saving) knowledge you can find inside Wealth & Wisdom. Dave Lutz, macro trader

There has not been a concise, effective and well thought out book on investing and building wealth in quite some time. Wealth & Wisdom is that book. In a well-managed and unique structure, the reader not only receives a complete history of the time-tested, emotional platforms the market demands for success on the topic but at the same time, a process to de-mystify the art and science of investing. Having been blessed to work with the author and his other seasoned colleagues at Tocqueville for years, I can attest firsthand that the reader will find George McAuliffes insights in Wealth & Wisdom to be extremely valuable over the years ahead as you move toward your successful wealth management goals. Michael W. Williams, Genesis Asset Management

As someone who has spent one a day a week for the past 15 years looking for the best quotes I can find for my clients, I know a good quote book when I find one. I have them all. Wealth & Wisdom is a very welcome and much needed addition to my library. It is full of timeless wisdom and that is a priceless gift to the reader. Kiril Sokoloff, founder and Chairman of 13D Research and publisher of What I Learned This Week

Wealth

&

Wisdom

Timeless Quotations

and Comments About

Money and Investing

George B. McAuliffe, III

Wealth & Wisdom Timeless Quotations and Comments About Money and Investing
George B. McAuliffe, III

Copyright 2014 by George B. McAuliffe, III
All Rights Reserved

Editing and Copyediting: Heidi W. Moore and Marianne Wallace
Design and Layout: Amy Manzo Toth

Cover Art: Fabrice Frere

Author photo: Tamara Zouboff

eBook Conversion: Gustavo Cardona

All rights reserved. No part of this book may be reproduced in any form by any means without the express permission of the author. This includes reprints, excerpts, photocopies, recordings, or any future means of reproducing this work.

If you would like to do any of the above, please seek permission first by contacting the author.

www.georgemcauliffe.com

Published in the United States by Milico Press
www.milicopress.com

ISBN 978-0-9915274-1-0

Ebook Version 1.0 Kindle

To my children Camilla, Julian, and Nicholas
May the advice herein serve you well.

It is a good thing for an uneducated man to read books of quotations. Bartletts
Familiar Quotations is an admirable work, and I studied it intently.
The quotations, when engraved upon the memory, give you good thoughts.
They also make you anxious to read the authors and look for more.

Winston Churchill, Roving Commission: My Early Life.

Contents

Long before Twitter capped the maximum length of a tweet at 140 characters, wise people with pens and styluses were jotting down adages. Buy low, sell high, one of their number said. The unnamed author of this aphorism did more than proffer the best and simplest item of investment advice ever recorded. He or she also wrote an 18-character guide for living.

Between these covers is collected some of the best and wittiest of the worlds short-form financial wisdom. The ancients and the moderns take turns advising us when to buy, when to sell (if at all) and how to think. From the likes of Harry S. Truman, Sophie Tucker, Thomas Edison, Mark Twain, Fred Schwed, Jr., Samuel Johnson, Babe Ruth, Abraham Lincoln, Benjamin Franklin, Bernard M. Baruch, Socrates, Lao Tzu, Finley Peter Dunne andespecially, for my moneythe late Robert G. Kirby, we learn more in a few words than most fat tomes can teach.

We are normally put in the category called `value investors, Kirby, chairman emeritus of the Capital Guardian Trust Co., is quoted as saying. This has always surprised me a bit, because it seems to imply [the existence] of another category called `non-value investors. Of course, such a class exists and its numbers are legion. You can tell them by the manic gleam in their eye. In a buying frenzy, there is, through the effect of contagion, a universal urge to participate in the whirlwind of speculation, quoth Marc Faber.

I am gratified to see that the editor of this aphoristic assortment, George McAuliffe, lines up with the angels on the matter of financial counsel. Dont begrudge the author of, just for instance, a fortnightly financial newsletter, his or her subscription price, he strongly and sensibly implies. Thus, Free advice is worth the price.Robert Half. And, What you get free costs too much.Jean Anouilh. Still, McAuliffe, who makes his living in money management, does not deny the anti-Wall Street opposition its voice: A stockbroker is someone who invests other peoples money until it is all gone.Woody Allen.

Perhaps the film maker should heed Jean Paul Getty, who urged, Buy when everyone else is selling, or Baron Rothschild, the author of the immortal line, Buy when there is blood in the streets, timely counsel, indeed, for these tense times. If Allen is listening, I would urge him to go out and read, in its entirety, Fred Schweds Where Are the Customers Yachts? excerpts from which adorn these pages. Investment and speculation are said to be two different things, wrote Schwed, for instance, and the prudent man is advised to engage in the one and avoid the other. This is something like explaining to the troubled adolescent that Love and Passion are two different things. He perceives that they are different, but they dont seem quite different enough to clear up his problems.

As for selling, the sages quoted herein hold differing views. Nobody ever lost money taking a profit, said Bernard Baruch. Never buy at the bottom and always sell too soon, said Jesse Livermore. Our favorite holding period is forever, said Warren Buffett. Maybe Buffett has the best idea. The famously tax-averse, pro-tax advocate didnt get super-rich by making a partner of Uncle Sam.