The purpose of this book is to supply, in the form suitable for laymen, guidance in the adoption and execution of an investment policy.

The investor's chief problem - and even his worst enemy - is likely to be himself.

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

Both individual skill (art) and chance are important factors in determining success or failure.

I quickly convinced myself that the true key to material happiness lay in a modest standard of living which could be achieved with little difficulty under almost all economic conditions.

The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.

Since we have emphasized that analysis will lead to a positive conclusion only in the exceptional case, it follows that many securities must be examined before one is found that has real possibilities for the analyst. By what practical means does he proceed to make his discoveries? Mainly by hard and systematic work.