Both individual skill (art) and chance are important factors in determining success or failure.

Wall Street people learn nothing and forget everything.

Both individual skill (art) and chance are important factors in determining success or failure.

Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it – even though others may hesitate or differ.

Since we have emphasized that analysis will lead to a positive conclusion only in the exceptional case, it follows that many securities must be examined before one is found that has real possibilities for the analyst. By what practical means does he proceed to make his discoveries? Mainly by hard and systematic work.

Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble... to give way to hope, fear and greed.

The true investor... will do better if he forgets about the stock market and pays attention to his dividend returns and to the operation results of his companies.