Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.

In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.

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".

The true investor... will do better if he forgets about the stock market and pays attention to his dividend returns and to the operation results of his companies.

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 essence of investment management is the management of risks, not the management of returns.

In an ideal world, the intelligent investor would hold stocks only when they are cheap and sell them when they become overpriced, then duck into the bunker of bonds and cash until stocks again become cheap enough to buy.