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

Since we have emphasized that analysis will lead to a positive conclusion only in the exceptional case, it follows that many securities must be examined before one is found that has real possibilities for the analyst. By what practical means does he proceed to make his discoveries? Mainly by hard and systematic work.

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

The purpose of this book is to supply, in the form suitable for laymen, guidance in the adoption and execution of an investment policy.

I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities.

The ideal form of common stock analysis leads to a valuation of the issue which can be compared with the current price to determine whether or not the security is an attractive purchase.

Losing some money is an inevitable part of investing, and there's nothing you can do to prevent it. But to be an intelligent investor, you must take responsibility for ensuring that you never lose most or all of your money.