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.

To enjoy a reasonable chance for continued better than average results, the investor must follow policies which are (1) inherently sound and promising, and (2) not popular on Wall Street.

The value of any investment is, and always must be, a function of the price you pay for it.

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

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

To be an investor you must be a believer in a better tomorrow.

Abnormally good or abnormally bad conditions do not last forever.