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

The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.

The best way to measure your investing success is not by whether you're beating the market but by whether you've put in place a financial plan and a behavioral discipline that are likely to get you where you want to go.

The investor who permits himself to be stampeded or unduly worried by unjustified market declines in his holdings is perversely transforming his basic advantage into a basic disadvantage.

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

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 determining trait of the enterprising (or active, or aggressive) investor is his willingness to devote time and care to the selection of securities that are both sound and more attractive than the average.