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

Both individual skill (art) and chance are important factors in determining success or failure.

The intelligent investor is likely to need considerable will power to keep from following the crowd.

I quickly convinced myself that the true key to material happiness lay in a modest standard of living which could be achieved with little difficulty under almost all economic conditions.

Successful investing is about managing risk, not avoiding it.

A speculator gambles that a stock will go up in price because somebody else will pay even more for it.

Confusing speculation with investment is always a mistake.