When somebody asserts that a stock has an earning power of so much, I am sure that the person who hears him doesn't know what he means, and there is a good chance that the man who uses it doesn't know what it means.

The stock market resembles a huge laundry in which institutions take in large blocks of each others washing ... without rhyme or reason.

An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.

Those with the enterprise lack the money and those with the money lack the enterprise to buy stocks when they are cheap.

Before you invest, you must ensure that you have realistically assessed your probability of being right and how you will react to the consequences of being wrong.

If you are shopping for common stocks, choose them the way you would buy groceries, not the way you would buy perfume.

Mr. Market does not always price stocks the way an appraiser or a private buyer would value a business. Instead, when stocks are going up, he happily pays more than their objective value; and, when they are going down, he is desperate to dump them for less than their true worth.