By developing your discipline and courage, you can refuse to let other people's mood swings govern your financial destiny. In the end, how your investments behave is much less important than how you behave.

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

I am more and more impressed with the possibilities of history's repeating itself on many different counts. You don't get very far in Wall Street with the simple, convenient conclusion that a given level of prices is not too high.

The stock market resembles a huge laundry in which institutions take in large blocks of each others washing ... without rhyme or reason.

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.

As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily against him.

We have not known a single person who has consistently or lastingly make money by thus "following the market". We do not hesitate to declare this approach is as fallacious as it is popular.