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

Investing is most intelligent when it is most businesslike.

The best way to measure your investing success is not by whether you're beating the market but by whether you've put in place a financial plan and a behavioral discipline that are likely to get you where you want to go.

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

It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.

To be an investor you must be a believer in a better tomorrow.

The defensive (or passive) investor will place chief emphasis on the avoidance of serious mistakes or losses. His second aim will be freedom from effort, annoyance, and the need for making frequent decisions.