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

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

Never buy a stock because it has gone up or sell one because it has gone down.

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.

A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.

People who invest make money for themselves; people who speculate make money for their brokers. And that, in turn, is why Wall Street perennially downplays the durable virtues of investing and hypes the gaudy appeal of speculation.

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