Undervaluations caused by neglect or prejudice may persist for an inconveniently long time, and the same applies to inflated prices caused by over-enthusiasm or artificial stimulants.

Always buy your straw hats in the Winter

Never buy a stock because it has gone up or sell one because it has gone down.

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

Obvious prospects for physical growth in a business do not translate into obvious profits for investors.

The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.

In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities. Rather should we say that the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion.