The art of investment has one characteristic that is not generally appreciated. A creditable, if unspectacular, result can be achieved by the lay investor with a minimum of effort and capability; but to improve this easily attainable standard requires much application and more than a trace of wisdom. If you merely try to bring just a little extra knowledge and cleverness to bear upon your investment program, instead of realizing a little better than normal results, you may well find that you have done worse.

The best values today are often found in the stocks that were once hot and have since gone cold.

The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.

Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.

Speculative stock movements are carried too far in both directions, frequently in the general market and at all times in at least some of the individual issues.

Before you place your financial future in the hands of an adviser, it's imperative that you find someone who not only makes you comfortable but whose honesty is beyond reproach.

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.