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.

The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.

The only thing you should do with pro forma earnings is ignore them.

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.

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

Investing isn't about beating others at their game. It's about controlling yourself at your own game.

The investor's chief problem - and even his worst enemy - is likely to be himself.