The intelligent investor is a realist who sells to optimists and buys from pessimists.

The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.

People who invest make money for themselves; people who speculate make money for their brokers. And that, in turn, is why Wall Street perennially downplays the durable virtues of investing and hypes the gaudy appeal of speculation.

As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily against him.

Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.

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.

Investing is most intelligent when it is most businesslike.