Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.

You must never delude yourself into thinking that you're investing when you're speculating.

Although there are good and bad companies, there is no such thing as a good stock; there are only good stock prices, which come and go.

Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.

The investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could vary widely in market price in response to changes in interest rates.

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

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