I am more and more impressed with the possibilities of history's repeating itself on many different counts. You don't get very far in Wall Street with the simple, convenient conclusion that a given level of prices is not too high.

Diversification is an established tenet of conservative investment.

Wall Street people learn nothing and forget everything.

Speculators often prosper through ignorance; it is a cliché that in a roaring bull market knowledge is superfluous and experience is a handicap. But the typical experience of the speculator is one of temporary profit and ultimate loss

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

Buy not on optimism, but on arithmetic.

Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.