Speculators often prosper through ignorance; it is a cliché that in a roaring bull market knowledge is superfluous and experience is a handicap. But the typical experience of the speculator is one of temporary profit and ultimate loss

Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times of good business conditions. The purchasers view the good current earnings as equivalent to 'earning power' and assume that prosperity is equivalent to safety.

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.

Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.

I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities.

A speculator gambles that a stock will go up in price because somebody else will pay even more for it.

Before you invest, you must ensure that you have realistically assessed your probability of being right and how you will react to the consequences of being wrong.