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.

A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.

It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.

In the short run, the market is a voting machine, but in the long run it is a weighing machine.

Investing isn't about beating others at their game. It's about controlling yourself at your own game.

Before you invest, you must ensure that you have realistically assessed your probability of being right and how you will react to the consequences of being 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.