We define a bargain issue as one which, on the basis of facts established by analysis, appears to be worth considerably more that it is selling for.

The defensive (or passive) investor will place chief emphasis on the avoidance of serious mistakes or losses. His second aim will be freedom from effort, annoyance, and the need for making frequent decisions.

there is a tendency in part of Wall Street people to pay excessive attention to the most recent figures and the present financial picture.

The intelligent investor shouldn't ignore Mr. Market entirely. Instead, you should do business with him- but only to the extent that it serves your interests.

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

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

If I have noticed anything over these 60 years on Wall Street, it is that people do not succeed in forecasting what`s going to happen to the stock market.