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

The memory of the financial community is proverbially and distressingly short.

The sillier the market's behavior, the greater the opportunity for the business like investor.

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

Real investment risk is measured not by the percent that a stock may decline in price in relation to the general market in a given period, but by the danger of a loss of quality and earnings power through economic changes or deterioration in management.

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

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