I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities.

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

Mr. Market does not always price stocks the way an appraiser or a private buyer would value a business. Instead, when stocks are going up, he happily pays more than their objective value; and, when they are going down, he is desperate to dump them for less than their true worth.

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

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.

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.

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