The individual investor should act consistently as an investor and not as a speculator. This means ... that he should be able to justify every purchase he makes and each price he pays by impersonal, objective reasoning that satisfies him that he is getting more than his money's worth for his purchase.

It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.

Traditionally the investor has been the man with patience and the courage of his convictions who would buy when the harried or disheartened speculator was selling.

A great company is not a great investment if you pay too much for the stock.

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

Individuals who cannot master their emotions are ill-suited to profit from the investment process.

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