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

The margin of safety is always dependent on the price paid. It will be large at one price, small at some higher price, nonexistent at some still higher price.

Obvious prospects for physical growth in a business do not translate into obvious profits for investors.

Speculators often prosper through ignorance; it is a cliché that in a roaring bull market knowledge is superfluous and experience is a handicap. But the typical experience of the speculator is one of temporary profit and ultimate loss

Every corporate security may be best viewed, in the first instance, as an ownership interest in, or a claim against, a specific business enterprise.

The stock market resembles a huge laundry in which institutions take in large blocks of each others washing ... without rhyme or reason.

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