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

Mr. Market does not always price stocks the way an appraiser or a private buyer would value a business. Instead, when stocks are going up, he happily pays more than their objective value; and, when they are going down, he is desperate to dump them for less than their true worth.

Abnormally good or abnormally bad conditions do not last forever.

At heart, "uncertainty" and "investing" are synonyms.

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

Most businesses change in character and quality over the years, sometimes for the better, perhaps more often for the worse. The investor need not watch his companies' performance like a hawk; but he should give it a good, hard look from time to time.

Diversification is an established tenet of conservative investment.