Knowledge is only one ingredient on arriving at a stock's proper price. The other ingredient, fully as important as information, is sound judgment.

In the old legend the wise men finally boiled down the history of mortal affairs into a single phrase: 'This too will pass.'

we have complaints that institutional dominance of the stock market has put 'the small investor at a disadvantage because he can't compete with the trust companies' huge resources, etc. The facts are quite the opposite. It may be that the institutions are better equipped than the individual to speculate in the market.But I am convinced that an individual investor with sound principles, and soundly advised, can do distinctly better over the long pull than large institutions.

To enjoy a reasonable chance for continued better than average results, the investor must follow policies which are (1) inherently sound and promising, and (2) not popular on Wall Street.

The value of any investment is, and always must be, a function of the price you pay for it.

The best values today are often found in the stocks that were once hot and have since gone cold.

If you are shopping for common stocks, choose them the way you would buy groceries, not the way you would buy perfume.