A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.

While enthusiasm may be necessary for great accomplishments elsewhere, on Wall Street it almost invariably leads to disaster

A speculator gambles that a stock will go up in price because somebody else will pay even more for it.

There is no reason to feel any shame in hiring someone to pick stocks or mutual funds for you. But there's one responsibility that you must never delegate. You, and no one but you, must investigate whether an adviser is trustworthy and charges reasonable fees.

there is a tendency in part of Wall Street people to pay excessive attention to the most recent figures and the present financial picture.

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

The purpose of this book is to supply, in the form suitable for laymen, guidance in the adoption and execution of an investment policy.