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.

In an ideal world, the intelligent investor would hold stocks only when they are cheap and sell them when they become overpriced, then duck into the bunker of bonds and cash until stocks again become cheap enough to buy.

By refusing to pay too much for an investment, you minimize the chances that your wealth will ever disappear or suddenly be destroyed.

You must never delude yourself into thinking that you're investing when you're speculating.

As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily against him.

Investing is most intelligent when it is most businesslike.

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