The intelligent investor is likely to need considerable will power to keep from following the crowd.

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

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

The most striking thing about Graham's discussion of how to allocate your assets between stocks and bonds is that he never mentions the word "age".

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.

We are convinced that the intelligent investor can derive satisfactory results from pricing of either type (market timing or fundamental analysis via price). We are equally sure that if he places his emphasis on timing, in the sense of forecasting, he will end up as a speculator and with a speculator's financial results." And "The speculator's primary interest lies in anticipating and profiting from market fluctuations. The investor's primary interest lies in acquiring and holding suitable securities at suitable prices.

It is no difficult trick to bring a great deal of energy, study, and native ability into Wall Street and to end up with losses instead of profits. These virtues, if channeled in the wrong directions, become indistinguishable from handicaps.