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

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.

In security analysis the prime stress is laid upon protection against untoward events. We obtain this protection by insisting upon margins of safety, or values well in excess of the price paid.

To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.

The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.

The investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could vary widely in market price in response to changes in interest rates.

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