Fear and hope remain the same; therefore the study of the psychology of speculators is as valuable as it ever was. Weapons change, but strategy remains strategy, on the New York Stock Exchange as on the battlefield. I think the clearest summing up of the whole thing was expressed by Thomas F. Woodlock when he declared: “The principles of successful stock speculation are based on the supposition that people will continue in the future to make the mistakes that they have made in the past.”

One of the most helpful things that any body can learn is to give up trying to catch the last eighth - or the first. These two are the most expensive eighths in the world.

There is no question that advertising is an art, and manipulation is the art of advertising through the medium of the tape.

Nowhere does history indulge in repetitions so often or so uniformly as in Wall Street.

No man can always have adequate reasons for buying or selling stocks daily - or sufficient knowledge to make his play an intelligent play.

As I have said a thousand times, no manipulation can put stocks down and keep them down.

As a matter of fact I trade in accordance to my means and always leave myself an ample margin of safety.