Andre Kostolany - The European speculator of wit and charm

Andre Kostolany, Hungarian born speculator active during post-WWII Germany has a strong financial reputation in Europe, but is not well know in the US. I am not clear on his overall financial success, but he was a prolific writer on markets and has a great way of providing useful wisdom through some great turns of phrases:

The whole stock market depends only on whether there are more shares than idiots or more idiots than shares.

Anything is possible on the stock market. Even the opposite.

Stock market profits are compensation for pain and suffering. First comes pain, then comes money.

Who does not own shares when the price drop will not own shares when prices soar. 

Never run after a bus or a stock. Just be patient – the next one will come along for sure.

A personal favorite: 

At the stock market 2+2 is never four, but 5 minus 1. Better be prepared for the -1.

On speculation:

Speculation on the stock market has always been and always will be a difficult way to make an easy living.

You need four things to be a successful speculator: an idea, conviction, money and patience.

I cannot tell you how to get rich quickly; I can tell you how to get poor quickly: by trying to get rich quickly 

Always be fearful, never panic!

There are old pilots and there are bold pilots, but there are not old, bold pilots. 

The secret of his success:

49% losses, 51% wins, and lived well from the difference.

He even was featured in an Audi commercial.

Hat tip to the undervalued japan blog for focusing my interest on Andre and for providing a number of the quotes and  a link to the Audi commercial from 1999.