Investing is most intelligent when it is most businesslike.

If I have noticed anything over these 60 years on Wall Street, it is that people do not succeed in forecasting what`s going to happen to the stock market.

The thing that I have been emphasizing in my own work for the last few years has been the group approach. To try to buy groups of stocks that meet some simple criterion for being undervalued-regardless of the industry and with very little attention to the individual company.

The stock market resembles a huge laundry in which institutions take in large blocks of each others washing ... without rhyme or reason.

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

Confusing speculation with investment is always a mistake.

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.