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

Never mingle your speculative and investment operations in the same account nor in any part of your thinking.

No statement is more true and better applicable to Wall Street than the famous warning of Santayana: "Those who do not remember the past are condemned to repeat it".

The thing that I have been emphasizing in my own work for the last few years has been the group approach. To try to buy groups of stocks that meet some simple criterion for being undervalued-regardless of the industry and with very little attention to the individual company.

Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.

The sillier the market's behavior, the greater the opportunity for the business like investor.

You must never delude yourself into thinking that you're investing when you're speculating.