Always buy your straw hats in the Winter

The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.

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

To enjoy a reasonable chance for continued better than average results, the investor must follow policies which are (1) inherently sound and promising, and (2) not popular on Wall Street.

Always buy your straw hats in the Winter

High valuations entail high risks.

Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.