Successful investing is about managing risk, not avoiding it.

The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.

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

Evidently stockholders have forgotten more than to look at balance sheets. They have forgotten also that they are owners of a business and not merely owners of a quotation on the stock ticker. It is time, and high time, that the millions of American shareholders turned their eyes from the daily market reports long enough to give some attention to the enterprises themselves of which they are the proprietors, and which exist for their benefit and at their pleasure.

The true investor... will do better if he forgets about the stock market and pays attention to his dividend returns and to the operation results of his companies.

Price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal.

Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it – even though others may hesitate or differ.