The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.

Confusing speculation with investment is always a mistake.

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

An investor calculates what a stock is worth, based on the value of its businesses.

I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities.

The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.

The underlying principles of sound investment should not alter from decade to decade, but the application of these principles must be adapted to significant changes in the financial mechanisms and climate.