If fees consume more than 1% of your assets annually, you should probably shop for another adviser.

I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities.

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

Undervaluations caused by neglect or prejudice may persist for an inconveniently long time, and the same applies to inflated prices caused by over-enthusiasm or artificial stimulants.

For 99 issues out of 100 we could say that at some price they are cheap enough to buy and at some price they would be so dear that they would be sold.

As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily against him.

An investor calculates what a stock is worth, based on the value of its businesses.