Wall Street people learn nothing and forget everything.

The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.

In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.

It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.

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

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

The market is a pendulum that forever swings between unsustainable optimism (which makes stocks too expensive) and unjustified pessimism (which makes them too cheap). The intelligent investor is a realist who sells to optimists and buys from pessimists.