Be shrewd

One cannot be taught how to weigh the future. No matter how rosy the prospects, the price may still be too high.

Therefore, always remember:

1. keep away from buying inferior stocks during periods of enthusiasm and high prices.
   
   
2. buy your good quality companies when the market level is below, rather than above, its indicated long-term normal figure.
   
   
3. do not pay extremely high prices for good stocks.