--- title: "Meaning & Key Takeaway of: I preferred Warren Buffett’s definition…" description: "\"“I preferred Warren Buffett’s definition: “It’s like most trends—at the beginning it’s driven by fundamentals; in the end, by speculation. It’s just li..." image: "https://sms4smile.com/quotes/i/4a8/danielle-dimartino-booth-24430_customer_i-preferred-warren-buffett-s-definition_416829.jpg" --- # I preferred Warren Buffett’s definition: “It’s like most… ![“I preferred Warren Buffett’s definition: “It’s like most trends—at the beginning it’s driven by fundamentals; in the end, by speculation. It’s just like the old adage: ‘What the wise man does in the beginning, the fool does in the end.’” By all measures of the data, the fools had piled in.” quote by Danielle DiMartino Booth](https://sms4smile.com/quotes/i/4a8/danielle-dimartino-booth-24430_customer_i-preferred-warren-buffett-s-definition_416829.jpg) [Download](https://sms4smile.com/quotes/i/4a8/danielle-dimartino-booth-24430_customer_i-preferred-warren-buffett-s-definition_416829.jpg) [Open image](https://sms4smile.com/quotes/i/4a8/danielle-dimartino-booth-24430_customer_i-preferred-warren-buffett-s-definition_416829.jpg) > ““I preferred Warren Buffett’s definition: “It’s like most trends—at the beginning it’s driven by fundamentals; in the end, by speculation. It’s just like the old adage: ‘What the wise man does in the beginning, the fool does in the end.’” By all measures of the data, the fools had piled in.”” [Danielle DiMartino Booth](https://sms4smile.com/quotes/author/danielle-dimartino-booth/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Early market moves are guided by real value, later by hype; the wise act early, the foolish chase later. **In simple terms:** Markets start with fundamentals, end with speculation. Key Takeaway Recognize and act on fundamentals before hype. Themes investment behavior market cycles psychology wisdom Mood cautious analytical reflective Type advice analytical caution When to use this quote - stock buying - portfolio rebalancing - risk assessment - financial education Key Concepts fundamental analysis speculative bubbles behavioral finance herd mentality Questions to Reflect On - How can you differentiate fundamental strength from hype? - What signals indicate a market is moving from fundamentals to speculation? A Different Perspective If fundamentals are obscured, timing the shift is difficult. ★ ★ ★ ★ ★ No ratings yet [Customer](https://sms4smile.com/quotes/about/customer/) [Wise man](https://sms4smile.com/quotes/about/wise-man/) ## Related quotes > [Like most trends, at the beginning it's driven by fundamentals, at some point speculation takes over. 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George > [At one point, I recognized that Warren Buffett, though he had every advantage in learning from Ben Graham, did not copy Ben Graham but,…](https://sms4smile.com/quotes/michael-burry/at-one-point-i-recognized-that-warren-buffett-though-he-had-every/) [Michael Burry](https://sms4smile.com/quotes/author/michael-burry/) > [I admire people like Warren Buffett that are donating so much money to charity.](https://sms4smile.com/quotes/bethenny-frankel/i-admire-people-like-warren-buffett-that-are-donating-so-much-money/) [Bethenny Frankel](https://sms4smile.com/quotes/author/bethenny-frankel/) ## More by Danielle DiMartino Booth > [“Gambling has been fed by knowledge that, if disaster struck, someone else—borrowers, investors, taxpayers—would end up bearing at least some of the losses,” wrote…](https://sms4smile.com/quotes/danielle-dimartino-booth/gambling-has-been-fed-by-knowledge-that-if-disaster-struck-someone/) [Danielle DiMartino Booth](https://sms4smile.com/quotes/author/danielle-dimartino-booth/) > [“The Federal Reserve has always advertised itself as being above politics, impervious to outside influence. 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