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

High valuations entail high risks.

Although there are good and bad companies, there is no such thing as a good stock; there are only good stock prices, which come and go.

If I have noticed anything over these 60 years on Wall Street, it is that people do not succeed in forecasting what`s going to happen to the stock market.

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.

The intelligent investor is a realist who sells to optimists and buys from pessimists.

No statement is more true and better applicable to Wall Street than the famous warning of Santayana: "Those who do not remember the past are condemned to repeat it".