If you buy the things you don't need, you will soon be selling the things that you need.

Paradoxically, when 'dumb' money acknowledges its limitations, it ceases to be dumb.

I make no effort to predict the course of general business or the stock market. Period. However, currently there are practices snowballing in the security markets and business world which, while devoid of short term predictive value, bother me as to possible long term consequences.

The American economy is going to do fine. But it won't do fine every year and every week and every month. I mean, if you don't believe that, forget about buying stocks anyway... It's a positive-sum game, long term. And the only way an investor can get killed is by high fees or by trying to outsmart the market.

Read Ben Graham and Phil Fisher read annual reports, but don't do equations with Greek letters in them.

Buy companies with strong histories of profitability and with a dominant business franchise.

To be successful, you should concentrate on the world of companies, not arcane accounting mathematics.