To enjoy a reasonable chance for continued better than average results, the investor must follow policies which are (1) inherently sound and promising, and (2) not popular on Wall Street.

We have not known a single person who has consistently or lastingly make money by thus "following the market". We do not hesitate to declare this approach is as fallacious as it is popular.

To see how much a company is truly earning on the capital it deploys in its businesses, look beyond EPS to Return on Invested Capital (ROIC).

Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.

If fees consume more than 1% of your assets annually, you should probably shop for another adviser.

Diversification is an established tenet of conservative investment.

The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.