Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.

There is no reason to feel any shame in hiring someone to pick stocks or mutual funds for you. But there's one responsibility that you must never delegate. You, and no one but you, must investigate whether an adviser is trustworthy and charges reasonable fees.

The intelligent investor gets interested in big growth stocks not when they are at their most popular - but when something goes wrong.

The investor with a portfolio of sound stocks should expect their prices to fluctuate and should neither be concerned by sizable declines nor become excited by sizable advances. He should always remember that market quotations are there for his convenience, either to be taken advantage of or to be ignored.

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

The intelligent investor is a realist who sells to optimists and buys from pessimists.

Real investment risk is measured not by the percent that a stock may decline in price in relation to the general market in a given period, but by the danger of a loss of quality and earnings power through economic changes or deterioration in management.