Success is to be measured not so much by the position that one has reached in life as by the obstacles which he has overcome.

Our attention has shifted from problems of production to problems of marketing, from the product we can make to the product the consumer wants us to make, from the company itself to the marketplace.

Accounting is a conventionalized written statistical history.

I think this is all setting us up for a new low. It's not like I'm praying for it to happen, but it's pretty much expected.

"The stocks you select should show a major percentage increase in current quarterly earnings per share (the most recently reported quarter) when compared to the prior year's same quarter."

"When picking winning stocks , it's the bottom line that counts."

"Remember, however, that estimates are opinions, and opinions may be wrong. Actual reported earnings are facts."

"To say a security is 'undervalued' because it's selling at a low P/E [Price-to-Earnings Ratio] or because it's in the low range of its historical P/E is nonsense. Primary consideration should be given to whether the rate of change in earnings is substantially increasing or decreasing."

"Everything sells for about what it is worth at the time. If a company's price and P/E [Price-to-Earnings] ratio change in the near future, it's because conditions, events, psychology, and earnings continue to improve or suddenly start to deteriorate as the weeks and months pass."

"Out of the ways a company can achieve enormous success, thereby enjoying large gains in its stock price, is by introducing new products into the marketplace. We're not talking about a new formula for dish soap. These products and companies have to revolutionize the way we live."