I once read about a meeting of economists who agreed that if their forecasts were 33 1/3 % correct, that was considered a high mark in their profession. Well, of course, I know you cannot invest in securities successfully with odds like that against you if you place dependence solely upon judgement as to the right securities to own and the right time or price to buy them. Then, too, I read somewhere about the man who described an economist as resembling ‘a professor of anatomy who was still a virgin.’

Investing solely for 'income,' investing merely 'to keep capital employed,' and investing simply 'to hedge against inflation' are all entirely out of the question.

Don't be overly concerned about your heirs. Usually, unearned funds do them more harm than good.

I once read about a meeting of economists who agreed that if their forecasts were 33 1/3 % correct, that was considered a high mark in their profession. Well, of course, I know you cannot invest in securities successfully with odds like that against you if you place dependence solely upon judgement as to the right securities to own and the right time or price to buy them. Then, too, I read somewhere about the man who described an economist as resembling ‘a professor of anatomy who was still a virgin.’

Stocks are bought on expectations, not facts.

It is wise to remember that too much success in the stock market is in itself an excellent warning.

The greatest safety lies in putting all your eggs in one basket and watching the basket.