Investing is most intelligent when it is most businesslike.

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

Speculative stock movements are carried too far in both directions, frequently in the general market and at all times in at least some of the individual issues.

Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it – even though others may hesitate or differ.

Wall Street people learn nothing and forget everything.

Traditionally the investor has been the man with patience and the courage of his convictions who would buy when the harried or disheartened speculator was selling.

The investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could vary widely in market price in response to changes in interest rates.