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

Buy not on optimism, but on arithmetic.

The most striking thing about Graham's discussion of how to allocate your assets between stocks and bonds is that he never mentions the word "age".

Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.

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

In security analysis the prime stress is laid upon protection against untoward events. We obtain this protection by insisting upon margins of safety, or values well in excess of the price paid.

The individual investor should act consistently as an investor and not as a speculator. This means ... that he should be able to justify every purchase he makes and each price he pays by impersonal, objective reasoning that satisfies him that he is getting more than his money's worth for his purchase.