Evidently stockholders have forgotten more than to look at balance sheets. They have forgotten also that they are owners of a business and not merely owners of a quotation on the stock ticker. It is time, and high time, that the millions of American shareholders turned their eyes from the daily market reports long enough to give some attention to the enterprises themselves of which they are the proprietors, and which exist for their benefit and at their pleasure.

To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.

In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities. Rather should we say that the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion.

Investing isn't about beating others at their game. It's about controlling yourself at your own game.

The best values today are often found in the stocks that were once hot and have since gone cold.

Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.

Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.