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

Those with the enterprise lack the money and those with the money lack the enterprise to buy stocks when they are cheap.

The defensive (or passive) investor will place chief emphasis on the avoidance of serious mistakes or losses. His second aim will be freedom from effort, annoyance, and the need for making frequent decisions.

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 chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.

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

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