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

The qualitative factors upon which most stress is laid are the nature of the business and the character of the management. These elements are exceedingly important, but they are also exceedingly difficult to deal with intelligently.

Both individual skill (art) and chance are important factors in determining success or failure.

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

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

I quickly convinced myself that the true key to material happiness lay in a modest standard of living which could be achieved with little difficulty under almost all economic conditions.

The purpose of this book is to supply, in the form suitable for laymen, guidance in the adoption and execution of an investment policy.