We urge the beginner in security buying not to waste his efforts and his money in trying to beat the market. Let him study security values and initially test out his judgment on price versus value with the smallest possible sums.

Confusing speculation with investment is always a mistake.

It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.

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

To establish the right price for a stock, the market must have adequate information, but it by no means follows that is the market has this information it will thereupon establish the right price.

Only in the exceptional case, where the integrity and competence of the advisers have been thoroughly demonstrated, should the investor act upon the advice of others without understanding and approving the decision made.

It is absurd to think that the general public can ever make money out of market forecasts.