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

Obvious prospects for physical growth in a business do not translate into obvious profits for investors.

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.

The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.

Successful investing is about managing risk, not avoiding it.

Wall Street people learn nothing and forget everything.

To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.