Individuals who cannot master their emotions are ill-suited to profit from the investment process.

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.

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

The most realistic distinction between the investor and the speculator is found in their attitude toward stock-market movements. 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. Market movements are important to him in a practical sense, because they alternately create low price levels at which he would be wise to buy and high price levels at which he certainly should refrain from buying and probably would be wise to sell.

Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.

The best values today are often found in the stocks that were once hot and have since gone cold.

The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.