1. “There is a considerable tendency for common stock investors to do the greater part of their buying, both of "good" and "bad" securities, at high levels of the market. They are equally inclined to do the greater part of their selling at low levels of the market, a procedure which is not conducive to successful results.” - Benjamin Graham
  2. “There's an old market saying about stocks to the effect that they all go down together.” - Charles Ellis
  3. “There will be bear markets about twice every 10 years and recessions about twice every 10 or 12 years but nobody has been able to predict them reliably. So, the best thing to do is to buy when shares are thoroughly depressed and that means when other people are selling.” - John Templeton
  4. “It would be silly to expect every bear market to turn into the Great Depression. It would be equally wrong to expect that a fall from overvalued, to more fairly valued, couldn't badly overshoot on the downside.” - Seth Klarman
  5. “It is only in a bear market that the value investing discipline becomes especially important because value investing, virtually alone among strategies, gives you exposure to the upside with limited downside risk.” - Seth Klarman
  6. “The true investment challenge is to perform well in difficult times.” - Seth Klarman
  7. “The novice soon learns that stocks are likely to maintain an upward or downward trend for long periods of time with minor interruptions of the major trend.” - Philip Carret
  8. “Predicting a downturn is not critical. The important thing is what you do when a significant downturn happens.” – Naved Abdali
  9. “You must not be a seller if not a buyer in a massive down-turn.” – Naved Abdali
  10. Every economic recovery since World War II has been preceded by a stock market rally. And these rallies often start when conditions are grim. — Peter Lynch
  11. One of my life principles is that the only way you can live life is by dealing with what is, and not with what might have been. So that’s the way I’ve tried to deal with setbacks. — John Bogle
  12. The most important lesson an investor can learn is to be dispassionate when confronted by unexpected and unfavorable outcomes. — Peter Bernstein
  13. “This one is different,” is the doomsayer’s litany, and, in fact, every recession is different, but that doesn’t mean it’s going to ruin us. — Peter Lynch
  14. It’s absolute cockamamie crazy to sell stocks after they drop. Instead, you should say, “Today there’s a first-rate bargain and I’m buying.” — Charles Ellis
  15. Discrepancies — and hence opportunities — in securities originate most often when events move faster than quotations. — Benjamin Graham