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

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.

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

Those with the enterprise lack the money and those with the money lack the enterprise to buy stocks when they are cheap.

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

Mr. Market's job is to provide you with prices; your job is to decide whether it is to your advantage to act on them. You no not have to trade with hime just because he constantly begs you to.

It always seemed, and still seems, ridiculously simple to say that if one can acquire a diversified group of common stocks at a price less than the applicable net current assets alone - after deducting all prior claims, and counting as zero the fixed and other assets - the results should be quite satisfactory.