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

there is a tendency in part of Wall Street people to pay excessive attention to the most recent figures and the present financial picture.

It always seemed, and still seems, ridiculously simple to say that if one can acquire a diversified group of common stocks at a price less than the applicable net current assets alone - after deducting all prior claims, and counting as zero the fixed and other assets - the results should be quite satisfactory.

The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.

We urge the beginner in security buying not to waste his efforts and his money in trying to beat the market. Let him study security values and initially test out his judgment on price versus value with the smallest possible sums.

Speculative stock movements are carried too far in both directions, frequently in the general market and at all times in at least some of the individual issues.

No statement is more true and better applicable to Wall Street than the famous warning of Santayana: "Those who do not remember the past are condemned to repeat it".