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

By refusing to pay too much for an investment, you minimize the chances that your wealth will ever disappear or suddenly be destroyed.

Individuals who cannot master their emotions are ill-suited to profit from the investment process.

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

Always buy your straw hats in the Winter

There is no reason to feel any shame in hiring someone to pick stocks or mutual funds for you. But there's one responsibility that you must never delegate. You, and no one but you, must investigate whether an adviser is trustworthy and charges reasonable fees.

Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.