Obvious prospects for physical growth in a business do not translate into obvious profits for investors.

Individuals who cannot master their emotions are ill-suited to profit from the investment process.

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

Price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal.

No statement is more true and better applicable to Wall Street than the famous warning of Santayana: "Those who do not remember the past are condemned to repeat it".

The sillier the market's behavior, the greater the opportunity for the business like investor.

The essence of investment management is the management of risks, not the management of returns.