The determining trait of the enterprising (or active, or aggressive) investor is his willingness to devote time and care to the selection of securities that are both sound and more attractive than the average.

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

Speculators often prosper through ignorance; it is a cliché that in a roaring bull market knowledge is superfluous and experience is a handicap. But the typical experience of the speculator is one of temporary profit and ultimate loss

It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.

I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities.

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

Both individual skill (art) and chance are important factors in determining success or failure.