The Intelligent Investor Excerpt 4

11. Of course, wonders can be accomplished with the right individual selections, bought at the right levels, and later sold after a huge rise and before the probable decline. But the average investor can no more expect to accomplish this than to find money growing on trees. P116

12. Human felicity is produced not so much by great pieces of good fortune that seldom happen, as by little advantages that occur every day. P124

13. The more familiar a stock is, the more likely it is to turn a defensive investor into a lazy one who thinks there’s no need to do any homework. Don’t let that happen to you. P127

14. As the financial markets heave and crash their way up and down day after day, the defensive investor can take control of the chaos. Your very refusal to be active, your renunciation of any pretended ability to predict the future, can become your most powerful weapons. P130

15. Our one recommendation is that all investors should be wary of new issues-which means, simply, that these should be subjected to careful examination and unusually severe tests before they are purchased. P139