"Stockholders and intelligent speculators operate not on what everybody knows, but on what they alone know or intelligently anticipate."

"Periods of rest in the stock market may be as significant as periods of activity."

"We may use once more the well-worked simile of the pendulum because it fits this method of studying the market movements as nothing else does. Each recurring swing takes a smaller segment of the arc until the pendulum reaches equilibrium. Obviously, the market awaits a new impulse."

"Never trade in a congestion. You can't get it out until it is ready to get out. Wait until it gets out -- and then go with it."

"... let us make this observation just as emphatically as we possibly can: keep your trading to yourself. Do not talk about it. The moment you do, you become a marked man. If you appear successful, you will be hounded by others who will want you to handle their funds or endeavor to follow your advice. And about the time you make up your mind to close out a trade, either accepting profits or taking a loss, you will not be able to find them or to persuade them to do likewise. You will be blamed for their losses.

Also do not go into joint accounts or trade on other people's money. Such actions almost invariably result in loss of friendship, if not of actual dollars, due to mental stress and over-eagerness because of a desire to show the other party how good you are, or your inability to persuade them to do what your judgment dictates.

The best answer we ever heard to the general query of 'What do you think of the market?' was, 'I think it will fluctuate.'"