Successful investing is about managing risk, not avoiding it.

The underlying principles of sound investment should not alter from decade to decade, but the application of these principles must be adapted to significant changes in the financial mechanisms and climate.

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

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".

Although there are good and bad companies, there is no such thing as a good stock; there are only good stock prices, which come and go.

The memory of the financial community is proverbially and distressingly short.

The investor who permits himself to be stampeded or unduly worried by unjustified market declines in his holdings is perversely transforming his basic advantage into a basic disadvantage.