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 investor's chief problem - and even his worst enemy - is likely to be himself.

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.

Evidently stockholders have forgotten more than to look at balance sheets. They have forgotten also that they are owners of a business and not merely owners of a quotation on the stock ticker. It is time, and high time, that the millions of American shareholders turned their eyes from the daily market reports long enough to give some attention to the enterprises themselves of which they are the proprietors, and which exist for their benefit and at their pleasure.

Both individual skill (art) and chance are important factors in determining success or failure.

An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.

Buy not on optimism, but on arithmetic.