Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times of good business conditions. The purchasers view the good current earnings as equivalent to 'earning power' and assume that prosperity is equivalent to safety.

Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.

Investing is most intelligent when it is most businesslike.

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

If fees consume more than 1% of your assets annually, you should probably shop for another adviser.

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

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