Before you place your financial future in the hands of an adviser, it's imperative that you find someone who not only makes you comfortable but whose honesty is beyond reproach.

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.

The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.

Losing some money is an inevitable part of investing, and there's nothing you can do to prevent it. But to be an intelligent investor, you must take responsibility for ensuring that you never lose most or all of your money.

Wall Street people learn nothing and forget everything.

Abnormally good or abnormally bad conditions do not last forever.