We have not known a single person who has consistently or lastingly make money by thus "following the market". We do not hesitate to declare this approach is as fallacious as it is popular.

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

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

The qualitative factors upon which most stress is laid are the nature of the business and the character of the management. These elements are exceedingly important, but they are also exceedingly difficult to deal with intelligently.

The defensive (or passive) investor will place chief emphasis on the avoidance of serious mistakes or losses. His second aim will be freedom from effort, annoyance, and the need for making frequent decisions.

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

High valuations entail high risks.