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.

An investor calculates what a stock is worth, based on the value of its businesses.

If I have noticed anything over these 60 years on Wall Street, it is that people do not succeed in forecasting what`s going to happen to the stock market.

It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.

In the old legend the wise men finally boiled down the history of mortal affairs into a single phrase: 'This too will pass.'

In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities. Rather should we say that the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion.

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