Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.

Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times of good business conditions. The purchasers view the good current earnings as equivalent to 'earning power' and assume that prosperity is equivalent to safety.

A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.

Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety.

Abnormally good or abnormally bad conditions do not last forever.

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

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