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.

No statement is more true and better applicable to Wall Street than the famous warning of Santayana: "Those who do not remember the past are condemned to repeat it".

It always seemed, and still seems, ridiculously simple to say that if one can acquire a diversified group of common stocks at a price less than the applicable net current assets alone - after deducting all prior claims, and counting as zero the fixed and other assets - the results should be quite satisfactory.

The true investor... will do better if he forgets about the stock market and pays attention to his dividend returns and to the operation results of his companies.

Investing is most intelligent when it is most businesslike.

The memory of the financial community is proverbially and distressingly short.

Although there are good and bad companies, there is no such thing as a good stock; there are only good stock prices, which come and go.