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

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

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".

We define a bargain issue as one which, on the basis of facts established by analysis, appears to be worth considerably more that it is selling for.

Buy not on optimism, but on arithmetic.

I quickly convinced myself that the true key to material happiness lay in a modest standard of living which could be achieved with little difficulty under almost all economic conditions.

There is a close logical connection between the concept of a safety margin and the principle of diversification.