Number 15. “In Wall Street, what has happened before will happen again. It must, as you will admit if you stop to think about it.” - Edwin Lefevre

Number 14. “The whole reason that our capitalist system works the way it does is because there are cycles, and the cycles self-correct.” - Seth Klarman

Number 13. “The only significance of stock market gyrations to the true investor is that they give him an opportunity to buy good common stocks when they are cheap -- or at least reasonably priced -- and at times offer him an invitation to sell out at temptingly high levels.” - Benjamin Graham

Number 12. “It is not essential to know when the market will go down. The important thing is what you do when it does.” – Naved Abdali

Number 11. “Periods of depression invariably follow periods of overoptimism, when fear replaces hope as the controlling emotion.” - Edwin Lefevre

Number 10. “Just as in the realm of pugilism, a few years of soft living will make a Dempsey easy prey for a Tunney, so a period of prosperity contains the seeds of its own destruction.” - Philip Carret

Number 9. “Occasionally, the stock market goes down dramatically and creates a short window of opportunity to buy stocks at deep discounts. However, to act upon it, you need to be prepared before it happens.” – Naved Abdali

Number 8. “When things go badly, people become cautious. Then their caution causes things to go well, and when things go well, they become incautious. I think that's a forever cycle.” - Howard Marks

Number 7. “The man in the street associates the acquisition of wealth with rising markets; failures, ruin, depression, panics with falling markets.” - Philip Carret

Number 6. “If you're in the market, you have to know there's going to be declines.” - Peter Lynch

Number 5. “Bull markets and bear markets last long enough so that the average trader is likely to forget by the time the climax is approaching that any sort of movement is possible.” - Philip Carret

Number 4. “Secular cycles are the long periods - as long as decades - that come to define each market era. These cycles alternate between long-term bull and bear markets.” — Barry Ritholtz

Number 3. “The impression has built up that the stock market is the cause of booms and busts. Actually, it is the thermometer -- not the fever.” - Bernard Baruch

Number 2. “The history of markets is one of overreaction in both directions.” - Peter Bernstein

Number 1. “The true investment challenge is to perform well in difficult times.” - Seth Klarman