Always buy your straw hats in the Winter

The investor's chief problem - and even his worst enemy - is likely to be himself.

Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble... to give way to hope, fear and greed.

Traditionally the investor has been the man with patience and the courage of his convictions who would buy when the harried or disheartened speculator was selling.

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

The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.

Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it – even though others may hesitate or differ.