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

Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it.

The purpose of this book is to supply, in the form suitable for laymen, guidance in the adoption and execution of an investment policy.

We have been trying to point out that this concept of an indefinitely favorable future is dangerous, even if it is true; because even if it is true you can easily overvalue the security, since you make it worth anything you want it to be worth. Beyond this, it is particularly dangerous too, because sometimes your ideas of the future turn out to be wrong. Then you have paid an awful lot for a future that isn't there. Your position then is pretty bad.

Mr. Market's job is to provide you with prices; your job is to decide whether it is to your advantage to act on them. You no not have to trade with hime just because he constantly begs you to.

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.

Although there are good and bad companies, there is no such thing as a good stock; there are only good stock prices, which come and go.