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.

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.

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.

The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.

Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.

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

Investing isn't about beating others at their game. It's about controlling yourself at your own game.