To establish the right price for a stock, the market must have adequate information, but it by no means follows that is the market has this information it will thereupon establish the right price.

Buy not on optimism, but on arithmetic.

An investor calculates what a stock is worth, based on the value of its businesses.

If fees consume more than 1% of your assets annually, you should probably shop for another adviser.

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.

To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.

Never mingle your speculative and investment operations in the same account nor in any part of your thinking.