The intelligent investor gets interested in big growth stocks not when they are at their most popular - but when something goes wrong.

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

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

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.

Real investment risk is measured not by the percent that a stock may decline in price in relation to the general market in a given period, but by the danger of a loss of quality and earnings power through economic changes or deterioration in management.

I am more and more impressed with the possibilities of history's repeating itself on many different counts. You don't get very far in Wall Street with the simple, convenient conclusion that a given level of prices is not too high.

Traditionally the investor has been the man with patience and the courage of his convictions who would buy when the harried or disheartened speculator was selling.