We’ve all seen Wall Street and its long due sequel Wall Street: Money Never Sleeps. These iconic movies gave us a glimpse of Gordon Gekko, an ambitious yet ruthless stockbroker that will do anything to stay on top of the world. Though Gekko may not appear to be the nicest person, his financial advice can teach you how to become wealthy. Below, we’ve handpicked our 10 favourite Gordon Gekko quotes that will change the way you think about Investing.
- “I don’t throw darts at a board. I bet on sure things. Read Sun-tzu, The Art of War. Every battle is won before it is ever fought.”
With this, Gekko is clearly laying out his philosophy that doing your research before hand is extremely important before making an investment decision. The stock market doesn’t have to be a game of random luck, you can increase your chances of making a good investment just by doing your homework on a company. It is your money, don’t gamble it, invest it.
- “If you need a friend, get a dog”
Despite being successful, Gekko is distant from his family and doesn’t have a support network. He knows that people won’t always agree with his ideas and he decides he doesn’t need friends to get to where he wants to be. In real life, you will comes across people who will put down your ideas. Don’t listen to them. Know who you are and what your financial goals are. Stay hungry and don’t let others dampen your own ambitions.
- “The mother of all evil is speculation”
Again, Gekko reiterates that speculating in stocks is not a smart thing to do. Speculating is akin to gambling and that won’t put you on the path to success. Don’t be lazy, it will not work. Research a company until you understand it thoroughly and you will find yourself in a position to makes great investment choices.
- “I look at a hundred deals a day. I pick one”
Your money should only be spent on the best deals. Your money is a precious commodity, treat it like one. Don’t throw it at every company or deal you see. The point of research is to see if a company is a good investment or not. 9 out of 10 times it’s going to be a bad deal. Make sure you invest your money in the best deals you find.
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- “The point is ladies and gentlemen that greed, for lack of a better word, is good”
Perhaps this advice should be taken with a grain of salt. Although greed is generally perceived as bad, it can be a good thing in small doses. Greed will allow you to stay up late at night and give you the drive to ruthlessly scour for the best investments on the market. If you really really want it, you will be successful. You’re greed will allow you to get a head of the pack and cross the finish line to victory.
- “You’re walking around blind without a cane, pal. A fool and his money are lucky enough to get together in the first place.”
Once you have money, don’t get cocky and throw out the habits that helped you accumulate your wealth in the first place. Don’t get too afraid either and hold on to your money, continue to invest it wisely. The great part is that with more money, more investment opportunities will be available to you.
- “The most valuable commodity I know of is information”
You know the saying “Knowledge is power”? nothing could be truer, especially when it comes to investing. Information will allow you to base your decisions on logical reasoning rather than on speculation. Information is what helps investors construct an image of a company’s prospects for the the future. Obviously don’t seek out information like Gekko through illegal means, but definitely research a company to the point where you know it as well as management.
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- “Lunch is for wimps”
Well I don’t know, lunch is pretty awesome. The point Gekko was trying to make, however, is that you need to be willing to work hard for money. Everyone wants money but only those who are willing to sacrifice things as awesome as lunch are going to have the leg up required. Now this doesn’t mean you sacrifice other important things in life like family and friends. It just means that when you’re working towards making money, make sacrifices and work really hard. That EXTRA hour in the morning and/or in the evening will help make you EXTRA money.
- “Don’t run when you lose, don’t whine when it hurts. It’s like first grade. No one likes a cry baby.”
Even with all this advice, you’re bound to lose at least some bets. When this happens, don’t mope around and feel sorry for yourself. Instead, use the situation as a learning experience and a point of growth for you as an investor. If you get up and brush yourself off, you will find that you are getting better and better with every investment blunder you make.
- “Money never sleeps”
This is perhaps the most famous Gordon Gekko quote. In fact, the second movie was named after this quote. Your ability to make money doesn’t just suddenly stop. You have that ability any time of the day, even at 3 in the morning. I’m not saying you should never get sleep, but money making opportunities are always available for those who seek it. The next time you have free time don’t turn on your TV, make money!