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

The art of investment has one characteristic that is not generally appreciated. A creditable, if unspectacular, result can be achieved by the lay investor with a minimum of effort and capability; but to improve this easily attainable standard requires much application and more than a trace of wisdom. If you merely try to bring just a little extra knowledge and cleverness to bear upon your investment program, instead of realizing a little better than normal results, you may well find that you have done worse.

An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.

Most businesses change in character and quality over the years, sometimes for the better, perhaps more often for the worse. The investor need not watch his companies' performance like a hawk; but he should give it a good, hard look from time to time.

Investing is most intelligent when it is most businesslike.

The investor's chief problem - and even his worst enemy - is likely to be himself.

Speculative stock movements are carried too far in both directions, frequently in the general market and at all times in at least some of the individual issues.