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

The investor with a portfolio of sound stocks should expect their prices to fluctuate and should neither be concerned by sizable declines nor become excited by sizable advances. He should always remember that market quotations are there for his convenience, either to be taken advantage of or to be ignored.

In the old legend the wise men finally boiled down the history of mortal affairs into a single phrase: 'This too will pass.'

A speculator gambles that a stock will go up in price because somebody else will pay even more for it.

While enthusiasm may be necessary for great accomplishments elsewhere, on Wall Street it almost invariably leads to disaster

In the financial markets, hindsight is forever 20/20, but foresight is legally blind. And thus, for most investors, market timing is a practical and emotional impossibility.

To enjoy a reasonable chance for continued better than average results, the investor must follow policies which are (1) inherently sound and promising, and (2) not popular on Wall Street.