A cynic once told G. K. Chesterton, the British novelist and essayist, “Blessed is he who expecteth nothing, for he shall not be disappointed.” Chesterton’s rejoinder? “Blessed is he who expecteth nothing, for he shall enjoy everything.

While a trend shown in the past is a fact, a “future trend” is only an assumption.

The most dangerous untruths are truths slightly distorted. – G. C. Lichtenberg.

The punches you miss are the ones that wear you out. – Boxing trainer Angelo Dundee.

Knowledge is only one ingredient on arriving at a stock’s proper price. The other ingredient, fully as important as information, is sound judgment.

Astute observers of corporate balance sheets are often the first to see business deterioration.

It requires a great deal of boldness and a great deal of caution to make a great fortune; and when you have got it, it requires ten times as much wit to keep it. – Nathan Mayer Rothschild.

No matter how careful you are, the one risk no investor can ever eliminate is the risk of being wrong. Only by insisting on what Graham called the “margin of safety” – never overpaying, no matter how exciting an investment seems to be – can you minimize your odds of error.

You will be much more in control, if you realize how much you are not in control.

By developing your discipline and courage, you can refuse to let other people’s mood swings govern your financial destiny. In the end, how your investments behave is much less important than how you behave.