People who invest make money for themselves; people who speculate make money for their brokers. And that, in turn, is why Wall Street perennially downplays the durable virtues of investing and hypes the gaudy appeal of speculation.

The intelligent investor gets interested in big growth stocks not when they are at their most popular - but when something goes wrong.

In the financial markets, hindsight is forever 20/20, but foresight is legally blind. And thus, for most investors, market timing is a practical and emotional impossibility.

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.

A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.

Individuals who cannot master their emotions are ill-suited to profit from the investment process.

Speculative stock movements are carried too far in both directions, frequently in the general market and at all times in at least some of the individual issues.