For 99 issues out of 100 we could say that at some price they are cheap enough to buy and at some price they would be so dear that they would be sold.

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

Confusing speculation with investment is always a mistake.

Wall Street people learn nothing and forget everything.

Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble... to give way to hope, fear and greed.

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.

If you are shopping for common stocks, choose them the way you would buy groceries, not the way you would buy perfume.