Abnormally good or abnormally bad conditions do not last forever.

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

The intelligent investor is likely to need considerable will power to keep from following the crowd.

Even defensive portfolios should be changed from time to time, especially if the securities purchased have an apparently excessive advance and can be replaced by issues much more reasonable priced.

The art of investment has one characteristic that is not generally appreciated. A creditable, if unspectacular, result can be achieved by the lay investor with a minimum of effort and capability; but to improve this easily attainable standard requires much application and more than a trace of wisdom. If you merely try to bring just a little extra knowledge and cleverness to bear upon your investment program, instead of realizing a little better than normal results, you may well find that you have done worse.

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.

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