An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.

Although there are good and bad companies, there is no such thing as a good stock; there are only good stock prices, which come and go.

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

The value of any investment is, and always must be, a function of the price you pay for it.

Investing isn't about beating others at their game. It's about controlling yourself at your own game.

The memory of the financial community is proverbially and distressingly short.

It is no difficult trick to bring a great deal of energy, study, and native ability into Wall Street and to end up with losses instead of profits. These virtues, if channeled in the wrong directions, become indistinguishable from handicaps.