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

High valuations entail high risks.

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

Speculative stock movements are carried too far in both directions, frequently in the general market and at all times in at least some of the individual issues.

When somebody asserts that a stock has an earning power of so much, I am sure that the person who hears him doesn't know what he means, and there is a good chance that the man who uses it doesn't know what it means.

The intelligent investor is a realist who sells to optimists and buys from pessimists.

At heart, "uncertainty" and "investing" are synonyms.