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

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

Mathematics is ordinarily considered as producing precise and dependable results; but in the stock market the more elaborate and abstruse the mathematics the more uncertain and speculative are the conclusions we draw there from. Whenever calculus is brought in, or higher algebra, you could take it as a warning that the operator was trying to substitute theory for experience, and usually also to give to speculation the deceptive guise of investment.

If you are shopping for common stocks, choose them the way you would buy groceries, not the way you would buy perfume.

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

An investor calculates what a stock is worth, based on the value of its businesses.

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