Undervaluations caused by neglect or prejudice may persist for an inconveniently long time, and the same applies to inflated prices caused by over-enthusiasm or artificial stimulants.

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 defensive (or passive) investor will place chief emphasis on the avoidance of serious mistakes or losses. His second aim will be freedom from effort, annoyance, and the need for making frequent decisions.

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

If you are shopping for common stocks, choose them the way you would buy groceries, not the way you would buy perfume.

Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it.

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