Let Blockheads Read What Blockheads Wrote.

You Shouldn't Own Common Stocks If A 50 Per Cent Decrease In Their Value In A Short Period Of Time Would Cause You Acute Distress.

The Ability To Say No Is A Tremendous Advantage For An Investor.

In The End, Alchemy, Whether It Is Metallurgical Or Financial, Fails. A Base Business Can Not Be Transformed Into A Golden Business By Tricks Of Accounting Or Capital Structure. The Man Claiming To Be A Financial Alchemist May Become Rich. But Gullible Investors Rather Than Business Achievements Will Usually Be The Source Of His Wealth.

There Seems To Be Some Perverse Human Characteristic That Likes To Make Easy Things Difficult.

The Future Is Never Clear; You Pay A Very High Price In The Stock Market For A Cheery Consensus. Uncertainty Actually Is The Friend Of The Buyer Of Long-term Values.