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.

It is absurd to think that the general public can ever make money out of market forecasts.

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.

We urge the beginner in security buying not to waste his efforts and his money in trying to beat the market. Let him study security values and initially test out his judgment on price versus value with the smallest possible sums.

Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.

Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.

The sillier the market's behavior, the greater the opportunity for the business like investor.