Mr. Market does not always price stocks the way an appraiser or a private buyer would value a business. Instead, when stocks are going up, he happily pays more than their objective value; and, when they are going down, he is desperate to dump them for less than their true worth.

To establish the right price for a stock, the market must have adequate information, but it by no means follows that is the market has this information it will thereupon establish the right price.

Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble... to give way to hope, fear and greed.

There is a close logical connection between the concept of a safety margin and the principle of diversification.

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

The stock market resembles a huge laundry in which institutions take in large blocks of each others washing ... without rhyme or reason.

For 99 issues out of 100 we could say that at some price they are cheap enough to buy and at some price they would be so dear that they would be sold.