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

Traditionally the investor has been the man with patience and the courage of his convictions who would buy when the harried or disheartened speculator was selling.

It requires strength of character in order to think and to act in opposite fashion from the crowd and also patience to wait for opportunities that may be spaced years apart.

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

Abnormally good or abnormally bad conditions do not last forever.

To have a true investment, there must be a true margin of safety. And a true margin of safety is one that can be demonstrated by figures, by persuasive reasoning, and by reference to a body of actual experience.

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