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

By developing your discipline and courage, you can refuse to let other people's mood swings govern your financial destiny. In the end, how your investments behave is much less important than how you behave.

Buy not on optimism, but on arithmetic.

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

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.

The intelligent investor gets interested in big growth stocks not when they are at their most popular - but when something goes wrong.

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