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

Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it.

By developing your discipline and courage, you can refuse to let other people's mood swings govern your financial destiny. In the end, how your investments behave is much less important than how you behave.

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 beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.

we have complaints that institutional dominance of the stock market has put 'the small investor at a disadvantage because he can't compete with the trust companies' huge resources, etc. The facts are quite the opposite. It may be that the institutions are better equipped than the individual to speculate in the market.But I am convinced that an individual investor with sound principles, and soundly advised, can do distinctly better over the long pull than large institutions.

Those with the enterprise lack the money and those with the money lack the enterprise to buy stocks when they are cheap.