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.

You must never delude yourself into thinking that you're investing when you're speculating.

Even defensive portfolios should be changed from time to time, especially if the securities purchased have an apparently excessive advance and can be replaced by issues much more reasonable priced.

High valuations entail high risks.

The sillier the market's behavior, the greater the opportunity for the business like investor.

While enthusiasm may be necessary for great accomplishments elsewhere, on Wall Street it almost invariably leads to disaster

The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.