As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily against him.

It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.

Price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal.

Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.

An investor calculates what a stock is worth, based on the value of its businesses.

there is a tendency in part of Wall Street people to pay excessive attention to the most recent figures and the present financial picture.

The defensive (or passive) investor will place chief emphasis on the avoidance of serious mistakes or losses. His second aim will be freedom from effort, annoyance, and the need for making frequent decisions.