An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.

If you are shopping for common stocks, choose them the way you would buy groceries, not the way you would buy perfume.

There is no reason to feel any shame in hiring someone to pick stocks or mutual funds for you. But there's one responsibility that you must never delegate. You, and no one but you, must investigate whether an adviser is trustworthy and charges reasonable fees.

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

At heart, "uncertainty" and "investing" are synonyms.

Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.

Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times of good business conditions. The purchasers view the good current earnings as equivalent to 'earning power' and assume that prosperity is equivalent to safety.