It is no difficult trick to bring a great deal of energy, study, and native ability into Wall Street and to end up with losses instead of profits. These virtues, if channeled in the wrong directions, become indistinguishable from handicaps.

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

To enjoy a reasonable chance for continued better than average results, the investor must follow policies which are (1) inherently sound and promising, and (2) not popular on Wall Street.

The purpose of this book is to supply, in the form suitable for laymen, guidance in the adoption and execution of an investment policy.

If you are shopping for common stocks, choose them the way you would buy groceries, not the way you would buy perfume.

Price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal.

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