Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.

The best values today are often found in the stocks that were once hot and have since gone cold.

Knowledge is only one ingredient on arriving at a stock's proper price. The other ingredient, fully as important as information, is sound judgment.

Traditionally the investor has been the man with patience and the courage of his convictions who would buy when the harried or disheartened speculator was selling.

An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.

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.

To see how much a company is truly earning on the capital it deploys in its businesses, look beyond EPS to Return on Invested Capital (ROIC).