“The underlying principles of sound investment should not alter from decade to decade, but the application of these principles must be adapted to significant changes in the financial mechanisms and climate.”

Stock speculation is largely a matter of A trying to decide what B, C and D are likely to think-with B, C and D trying to do the same.

The modern world is not geared properly to the storage of goods.

Many progressive economists insist that gold is now in essentially the same position as silver and that the arguments the simon-pure gold advocates use against the white metal can be directed with equal effect against their own fetish.

The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.

Speculative stock movements are carried too far in both directions, frequently in the general market and at all times in at least some of the individual issues.

The true investor… will do better if he forgets about the stock market and pays attention to his dividend returns and to the operation results of his companies.

The utility, or intrinsic value of gold as a commodity is now considerably less than in the past; its monetary status has become extraordinarily ambiguous; and its future is highly uncertain.

Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble… to give way to hope, fear and greed.

It is worth pointing out that assuredly not more than one person out of a hundred who stayed in the market after after 1925 emerged from it with a net profit and that the speculative losses taken were appalling.

Rather should we say that the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion.

Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.

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”.

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.

Though business conditions may change, corporations and securities may change, and financial institutions and regulations may change, human nature remains the same.

Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.

Investing isn’t about beating others at their game. It’s about controlling yourself at your own game.

The more gifted by nature is a man, the more is deplorable the abuse that he does by using them to shameful ends.

An intelligent eveil-doer, having benefited from a higher education, represent a more saddening phenomenon (“phénomène”, Fr.) than an unfortune illiterate fellow having commited an offence.

To read as if your life depended on it would mean to let into your reading your beliefs, the swirl of your dreamlife, the physical sensations of your ordinary carnal life; and simultaneously.

Their messages are loud and clear: LET US OUT AND LEAVE US ALONE!!!

And to that end to invite intelligent discussion from all shades of opinion.

If a Coach is determined to stay in the coaching profession.

But those who are taught to relinquish a system in which they had been educated,

It will be my earnest aim that The New York Times give the news, all the news, in concise and attractive form,