Markets forget. Endings remember.

Before 1929 he was already a star on the Street. The crash nearly erased the partnership. He did not write that year as fate. He wrote it as a textbook: margin of safety, Mr. Market, price apart from value.

He spent much of the rest of his life teaching at Columbia. Security Analysis and The Intelligent Investor do not teach a chase. They teach how to remain seated when a quote is humiliating. Buffett later called him a second father.

Graham’s student. First the cigar butts, then the good businesses, then almost no selling. Coca-Cola, American Express, See’s — entries often in humiliating years. Exits almost never on the calendar.

Berkshire is a building that exists in order not to trade. There is no mystique: few moves, a high hurdle, cash as the right to wait rather than a shame of performance.

A lawyer by training, later Buffett’s partner. He disliked frequent motion, and disliked complexity posing as intelligence. Mental models sound like a study. In use they are a filter: most chances are thrown away.

At Berkshire’s meetings he named boredom as an edge before anyone else did. Missing out, for him, was not an accident. It was the design.

A boy of the bucket shops, later the Boy Plunger. In 1907 and 1929 he shorted the breaks and wrote his name as miracle. He also wrote a colder line: a time to go long, a time to go short, a time to go fishing.

Beside the miracles: repeated size, repeated zeros. He understood sitting, and interrupted himself again and again. The book is cleaner than the man. The sitting in Reminiscences is more discipline than some of the later books he actually held.

Born in Budapest, formed in the salons of Paris and Germany. He drew no elaborate lines. He repeated one thing: prices are moved by money and by mood, both slower than news, and more honest.

He distinguished investor from speculator, and freed both from the duty to move every day. To those in love with tips and wires, he prescribed sleep.

In 1939, as Europe went to war, he borrowed to buy every New York stock trading under a dollar — about a hundred names, many already bankrupt. Four years later the list that looked like a joke began to pay.

After that he treated pessimism as climate for entry, not as a mood. Bull markets are born on pessimism, grow on skepticism, mature on optimism, die on euphoria — a sentence printed too often. The original act was simple: put money where no one wanted it.

From 1977 to 1990 he ran Fidelity Magellan. About twenty-nine percent a year — not a secret system. Walk into the store, look at the product, buy what you understand, then sit through the ugly middle.

He warned that selling a good company to buy a worse one that happens to be hotter is the expensive mistake. The sentence reads like a manual for anyone about to chase.

An Osaka merchant, later called the last of the speculators. He read papers, read industries, treated research as part of the position. The famous stands were mostly made when no one else wanted the stock — not additions on a front page.

Late years tangled with the tax office; the name slid from miracle toward dispute. The method stays clear: become a student of the trade before becoming its holder. Courage without study is only another chase.

A Barings futures trader in Singapore. After losses entered an error account, he neither stopped nor spoke. He added size, stretched time, treated the drawdown as a humiliation that had to be beaten at once.

In 1995 the market after the Kobe earthquake did not give him a reversal. When the loss was seen, it was large enough to end a bank two centuries old. Here the chase is not a style. It is a structure of hiding and adding.