It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.

Although there are good and bad companies, there is no such thing as a good stock; there are only good stock prices, which come and go.

I am more and more impressed with the possibilities of history's repeating itself on many different counts. You don't get very far in Wall Street with the simple, convenient conclusion that a given level of prices is not too high.

The art of investment has one characteristic that is not generally appreciated. A creditable, if unspectacular, result can be achieved by the lay investor with a minimum of effort and capability; but to improve this easily attainable standard requires much application and more than a trace of wisdom. If you merely try to bring just a little extra knowledge and cleverness to bear upon your investment program, instead of realizing a little better than normal results, you may well find that you have done worse.

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

A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.

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