The individual investor should act consistently as an investor and not as a speculator. This means ... that he should be able to justify every purchase he makes and each price he pays by impersonal, objective reasoning that satisfies him that he is getting more than his money's worth for his purchase.

Both individual skill (art) and chance are important factors in determining success or failure.

It is our argument that a sufficiently low price can turn a security of mediocre quality into a sound investment opportunity - provided that the buyer is informed and experienced and he practices adequate diversification. For, if the price is low enough to create a substantial margin of safety, the security thereby meets our criterion of investment.

The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.

In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.

It requires strength of character in order to think and to act in opposite fashion from the crowd and also patience to wait for opportunities that may be spaced years apart.

The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.