In the short run, the market is a voting machine, but in the long run it is a weighing machine.

Confusing speculation with investment is always a mistake.

By developing your discipline and courage, you can refuse to let other people's mood swings govern your financial destiny. In the end, how your investments behave is much less important than how you behave.

At heart, "uncertainty" and "investing" are synonyms.

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.

The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.

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