It is wise to remember that too much success in the stock market is in itself an excellent warning.

Successful investment is a battle for financial survival.

The greatest safety lies in putting all your eggs in one basket and watching the basket.

Market values are fixed only in part by balance sheets and income statements much more by the hopes and fears of humanity by greed, ambition, acts of God, invention, financial stress and strain, weather, discovery, fashion and numberless other causes impossible to be listed without omission.

Investing solely for 'income,' investing merely 'to keep capital employed,' and investing simply 'to hedge against inflation' are all entirely out of the question.

Stocks are bought on expectations, not facts.