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

In security analysis the prime stress is laid upon protection against untoward events. We obtain this protection by insisting upon margins of safety, or values well in excess of the price paid.

Even defensive portfolios should be changed from time to time, especially if the securities purchased have an apparently excessive advance and can be replaced by issues much more reasonable priced.

Experience teaches that the time to buy stocks is when their price is unduly depressed by temporary adversity. In other words, they should be bought on a bargain basis or not at all.

The only thing you should do with pro forma earnings is ignore them.

Although there are good and bad companies, there is no such thing as a good stock; there are only good stock prices, which come and go.

The intelligent investor is likely to need considerable will power to keep from following the crowd.