In the old legend the wise men finally boiled down the history of mortal affairs into a single phrase: 'This too will pass.'

Abnormally good or abnormally bad conditions do not last forever.

Only in the exceptional case, where the integrity and competence of the advisers have been thoroughly demonstrated, should the investor act upon the advice of others without understanding and approving the decision made.

In the short run, the market is a voting machine, but in the long run it is a weighing machine.

I am more and more impressed with the possibilities of history's repeating itself on many different counts. You don't get very far in Wall Street with the simple, convenient conclusion that a given level of prices is not too high.

The intelligent investor gets interested in big growth stocks not when they are at their most popular - but when something goes wrong.

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.