Those with the enterprise lack the money and those with the money lack the enterprise to buy stocks when they are cheap.

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.

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.

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

Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.

In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.

Evidently stockholders have forgotten more than to look at balance sheets. They have forgotten also that they are owners of a business and not merely owners of a quotation on the stock ticker. It is time, and high time, that the millions of American shareholders turned their eyes from the daily market reports long enough to give some attention to the enterprises themselves of which they are the proprietors, and which exist for their benefit and at their pleasure.