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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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While enthusiasm may be necessary for great accomplishments elsewhere, on Wall Street it almost invariably leads to disaster.

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Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it.– even though others may hesitate or differ.

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The intelligent investor gets interested in big growth stocks not when they are at their most popular – but when something goes wrong.

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The intelligent investor is likely to need considerable will power to keep from following the crowd.

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Before you invest, you must ensure that you have realistically assessed your probability of being right and how you will react to the consequences of being wrong.

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The intelligent investor shouldn’t ignore Mr. Market entirely. Instead, you should do business with him- but only to the extent that it serves your interests.

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You must never delude yourself into thinking that you’re investing when you’re speculating.

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Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it.

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