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Intelligent investment is more a matter of mental approach than it is of technique.A sound mental approach toward stock fluctuations is the touchstone of all successful investment under present-day conditions.

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

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It requires strength of character in order to think and to act in opposite fashion from the crowd and also patience to wait for opportunities that may be spaced years apart.

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Abnormally good or abnormally bad conditions do not last forever.

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Buy cheap and sell dear.

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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.

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

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The investor’s primary interest lies in acquiring and holding suitable securities at suitable prices.

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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.

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

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