A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.

The ideal form of common stock analysis leads to a valuation of the issue which can be compared with the current price to determine whether or not the security is an attractive purchase.

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

In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.

Knowledge is only one ingredient on arriving at a stock's proper price. The other ingredient, fully as important as information, is sound judgment.

The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.

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.