there is a tendency in part of Wall Street people to pay excessive attention to the most recent figures and the present financial picture.

Abnormally good or abnormally bad conditions do not last forever.

The qualitative factors upon which most stress is laid are the nature of the business and the character of the management. These elements are exceedingly important, but they are also exceedingly difficult to deal with intelligently.

The value of any investment is, and always must be, a function of the price you pay for it.

The ideal form of common stock analysis leads to a valuation of the issue which can be compared with the current price to determine whether or not the security is an attractive purchase.

Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it – even though others may hesitate or differ.

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