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

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.

We urge the beginner in security buying not to waste his efforts and his money in trying to beat the market. Let him study security values and initially test out his judgment on price versus value with the smallest possible sums.

Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times of good business conditions. The purchasers view the good current earnings as equivalent to 'earning power' and assume that prosperity is equivalent to safety.

Successful investing is about managing risk, not avoiding it.

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

To be an investor you must be a believer in a better tomorrow.