In security analysis the prime stress is laid upon protection against untoward events. We obtain this protection by insisting upon margins of safety, or values well in excess of the price paid.

When somebody asserts that a stock has an earning power of so much, I am sure that the person who hears him doesn't know what he means, and there is a good chance that the man who uses it doesn't know what it means.

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

there is a tendency in part of Wall Street people to pay excessive attention to the most recent figures and the present financial picture.

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

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

To enjoy a reasonable chance for continued better than average results, the investor must follow policies which are (1) inherently sound and promising, and (2) not popular on Wall Street.