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

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.

The true investor... will do better if he forgets about the stock market and pays attention to his dividend returns and to the operation results of his companies.

By developing your discipline and courage, you can refuse to let other people's mood swings govern your financial destiny. In the end, how your investments behave is much less important than how you behave.

The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.

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

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