A speculator gambles that a stock will go up in price because somebody else will pay even more for it.

The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.

Real investment risk is measured not by the percent that a stock may decline in price in relation to the general market in a given period, but by the danger of a loss of quality and earnings power through economic changes or deterioration in management.

Most businesses change in character and quality over the years, sometimes for the better, perhaps more often for the worse. The investor need not watch his companies' performance like a hawk; but he should give it a good, hard look from time to time.

A speculator gambles that a stock will go up in price because somebody else will pay even more for it.

To be an investor you must be a believer in a better tomorrow.

The correct attitude of the security analyst toward the stock market might well be that of a man toward his wife. He shouldn't pay too much attention to what the lady says, but he can't afford to ignore it entirely. That is pretty much the position that most of us find ourselves vis-à-vis the stock market.