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

The value of any investment is, and always must be, a function of the price you pay for it.

Calculate a stock's price/earnings ratio yourself, using Graham's formula of current price divided by average earnings over the past three years.

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.

Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.

The best way to measure your investing success is not by whether you're beating the market but by whether you've put in place a financial plan and a behavioral discipline that are likely to get you where you want to go.

The investor who permits himself to be stampeded or unduly worried by unjustified market declines in his holdings is perversely transforming his basic advantage into a basic disadvantage.