We define a bargain issue as one which, on the basis of facts established by analysis, appears to be worth considerably more that it is selling for.

No statement is more true and better applicable to Wall Street than the famous warning of Santayana: "Those who do not remember the past are condemned to repeat it".

As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily against him.

Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.

Obvious prospects for physical growth in a business do not translate into obvious profits for investors.

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.

Never mingle your speculative and investment operations in the same account nor in any part of your thinking.