[DanielBMarkham]

Be fearful when others are greedy, and be greedy when others are fearful

Excellent advice.

Buffett walks in great footsteps here. Wasn't it J.P. Getty that came out during the depression and said something like "Buy stocks. We're buying as much as we possibly can." ( I paraphrase from memory here)

[breck]

I could only find "I buy when other people are selling," but he did apparently make a killing during the Great Depression simply by buying stocks.

I thought this quote was terrific and really relevant to HN:

"Going to work for a large company is like getting on a train. Are you going sixty miles an hour or is the train going sixty miles an hour and you're just sitting still? "

There are a bunch of great quotes: http://www.linkrap.com/Getty

[DanielBMarkham]

Found it. It's from "How to be Rich" which I finished last week (after getting a recommendation from another HN'er -- good book!)

(Regarding the May, 1962 Crash)

"I told them quite frankly that, while I sympathized wholeheartedly with anyone who had lost money because of market developments, I saw little if any reason for alarm and absoutely none for panic....I said I felt that the stock market was in a much healthier and certainly in a much more realistic position because of the long-needed adjustment in prices. As for what I was doing, the answer was simple. I was buying stocks...Most seasoned investors are doubtless doing much the same thing. They're snapping up the fine stock bargains available as a result of the emotionally inspired selling wave." [page 152]

Perhaps there's some difference this time around, but I doubt it. I imagine old J.P. would be saying the same thing today if he were alive.