The value of any investment is, and always must be, a function of the price you pay for it.

Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.

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).

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

The intelligent investor is likely to need considerable will power to keep from following the crowd.

Experience teaches that the time to buy stocks is when their price is unduly depressed by temporary adversity. In other words, they should be bought on a bargain basis or not at all.

A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.