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 best values today are often found in the stocks that were once hot and have since gone cold.

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".

In the old legend the wise men finally boiled down the history of mortal affairs into a single phrase: 'This too will pass.'

The investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could vary widely in market price in response to changes in interest rates.

Experience teaches that the time to buy stocks is when their price is unduly depressed by temporary adversity. In other words, they should be bought on a bargain basis or not at all.