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.

To be an investor you must be a believer in a better tomorrow.

Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.

Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.

To establish the right price for a stock, the market must have adequate information, but it by no means follows that is the market has this information it will thereupon establish the right price.

Calculate a stock's price/earnings ratio yourself, using Graham's formula of current price divided by average earnings over the past three years.

For 99 issues out of 100 we could say that at some price they are cheap enough to buy and at some price they would be so dear that they would be sold.