The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.

Abnormally good or abnormally bad conditions do not last forever.

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

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

To see how much a company is truly earning on the capital it deploys in its businesses, look beyond EPS to Return on Invested Capital (ROIC).

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

No matter how careful you are, the one risk no investor can ever eliminate is the risk of being wrong. Only by insisting on what Graham called the "margin of safety" - never overpaying, no matter how exciting an investment seems to be - can you minimize your odds of error.