The market is a pendulum that forever swings between unsustainable optimism (which makes stocks too expensive) and unjustified pessimism (which makes them too cheap). The intelligent investor is a realist who sells to optimists and buys from pessimists.

You must never delude yourself into thinking that you're investing when you're speculating.

It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.

By refusing to pay too much for an investment, you minimize the chances that your wealth will ever disappear or suddenly be destroyed.

Price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal.

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

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