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

there is a tendency in part of Wall Street people to pay excessive attention to the most recent figures and the present financial picture.

Traditionally the investor has been the man with patience and the courage of his convictions who would buy when the harried or disheartened speculator was selling.

The investor with a portfolio of sound stocks should expect their prices to fluctuate and should neither be concerned by sizable declines nor become excited by sizable advances. He should always remember that market quotations are there for his convenience, either to be taken advantage of or to be ignored.

It requires strength of character in order to think and to act in opposite fashion from the crowd and also patience to wait for opportunities that may be spaced years apart.

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

To see how much a company is truly earning on the capital it deploys in its businesses, look beyond EPS to Return on Invested Capital (ROIC).