Speculative stock movements are carried too far in both directions, frequently in the general market and at all times in at least some of the individual issues.

The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.

Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.

Investing is most intelligent when it is most businesslike.

Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it.

The best values today are often found in the stocks that were once hot and have since gone cold.

I quickly convinced myself that the true key to material happiness lay in a modest standard of living which could be achieved with little difficulty under almost all economic conditions.