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

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.

Abnormally good or abnormally bad conditions do not last forever.

Those with the enterprise lack the money and those with the money lack the enterprise to buy stocks when they are cheap.

In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.

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

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