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

The intelligent investor is a realist who sells to optimists and buys from pessimists.

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

Traditionally the investor has been the man with patience and the courage of his convictions who would buy when the harried or disheartened speculator was selling.

The thing that I have been emphasizing in my own work for the last few years has been the group approach. To try to buy groups of stocks that meet some simple criterion for being undervalued-regardless of the industry and with very little attention to the individual company.

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

It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.