Basic properties of Davis-Wielandt shells are presented. Conditions on two operators A and B with the same Davis-Wielandt shells are analyzed. Special attention is given to the case when B is a compression of A, and when B = A∗, A, or (A∗)t, where A is the transpose of A with respect to an orthonormal basis. The results are used to study the point spectrum, approximate spectrum, and residual sp...