No statement is more true and better applicable to Wall Street than the famous warning of Santayana: "Those who do not remember the past are condemned to repeat it".

We have not known a single person who has consistently or lastingly make money by thus "following the market". We do not hesitate to declare this approach is as fallacious as it is popular.

Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.

The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.

Never mingle your speculative and investment operations in the same account nor in any part of your thinking.

Diversification is an established tenet of conservative investment.

Those with the enterprise lack the money and those with the money lack the enterprise to buy stocks when they are cheap.

Before you invest, you must ensure that you have realistically assessed your probability of being right and how you will react to the consequences of being wrong.

By refusing to pay too much for an investment, you minimize the chances that your wealth will ever disappear or suddenly be destroyed.