Only in the exceptional case, where the integrity and competence of the advisers have been thoroughly demonstrated, should the investor act upon the advice of others without understanding and approving the decision made.

It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.

Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it.

If fees consume more than 1% of your assets annually, you should probably shop for another adviser.

To see how much a company is truly earning on the capital it deploys in its businesses, look beyond EPS to Return on Invested Capital (ROIC).

Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.

We are convinced that the intelligent investor can derive satisfactory results from pricing of either type (market timing or fundamental analysis via price). We are equally sure that if he places his emphasis on timing, in the sense of forecasting, he will end up as a speculator and with a speculator's financial results." And "The speculator's primary interest lies in anticipating and profiting from market fluctuations. The investor's primary interest lies in acquiring and holding suitable securities at suitable prices.