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

I am more and more impressed with the possibilities of history's repeating itself on many different counts. You don't get very far in Wall Street with the simple, convenient conclusion that a given level of prices is not too high.

Traditionally the investor has been the man with patience and the courage of his convictions who would buy when the harried or disheartened speculator was selling.

To have a true investment, there must be a true margin of safety. And a true margin of safety is one that can be demonstrated by figures, by persuasive reasoning, and by reference to a body of actual experience.

Before you place your financial future in the hands of an adviser, it's imperative that you find someone who not only makes you comfortable but whose honesty is beyond reproach.

Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.

It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.