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

A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.

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

The correct attitude of the security analyst toward the stock market might well be that of a man toward his wife. He shouldn't pay too much attention to what the lady says, but he can't afford to ignore it entirely. That is pretty much the position that most of us find ourselves vis-à-vis the stock market.

Even with a margin of safety in the investor's favor, an individual security may work out badly. For the margin guarantees only that he has a better chance for profit than for loss - not that loss is impossible. But as the number of such commitments is increased the more certain does it become that the aggregate of the profits will exceed the aggregate of the losses.

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

Those with the enterprise lack the money and those with the money lack the enterprise to buy stocks when they are cheap.