Mr. Market does not always price stocks the way an appraiser or a private buyer would value a business. Instead, when stocks are going up, he happily pays more than their objective value; and, when they are going down, he is desperate to dump them for less than their true worth.

Investing isn't about beating others at their game. It's about controlling yourself at your own game.

It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.

In the old legend the wise men finally boiled down the history of mortal affairs into a single phrase: 'This too will pass.'

High valuations entail high risks.

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

The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.