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

To establish the right price for a stock, the market must have adequate information, but it by no means follows that is the market has this information it will thereupon establish the right price.

Only in the exceptional case, where the integrity and competence of the advisers have been thoroughly demonstrated, should the investor act upon the advice of others without understanding and approving the decision made.

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.

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.

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

Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.