Mr. Market's job is to provide you with prices; your job is to decide whether it is to your advantage to act on them. You no not have to trade with hime just because he constantly begs you to.

Individuals who cannot master their emotions are ill-suited to profit from the investment process.

Investing isn't about beating others at their game. It's about controlling yourself at your own game.

The only thing you should do with pro forma earnings is ignore them.

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

I am more and more impressed with the possibilities of history's repeating itself on many different counts. You don't get very far in Wall Street with the simple, convenient conclusion that a given level of prices is not too high.

No matter how careful you are, the one risk no investor can ever eliminate is the risk of being wrong. Only by insisting on what Graham called the "margin of safety" - never overpaying, no matter how exciting an investment seems to be - can you minimize your odds of error.