The true investor... will do better if he forgets about the stock market and pays attention to his dividend returns and to the operation results of his companies.

Never buy a stock because it has gone up or sell one because it has gone down.

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

Knowledge is only one ingredient on arriving at a stock's proper price. The other ingredient, fully as important as information, is sound judgment.

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

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

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.