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

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.

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

An investor calculates what a stock is worth, based on the value of its businesses.

The stock market resembles a huge laundry in which institutions take in large blocks of each others washing ... without rhyme or reason.

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

In security analysis the prime stress is laid upon protection against untoward events. We obtain this protection by insisting upon margins of safety, or values well in excess of the price paid.