Diversification is an established tenet of conservative investment.

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

Investing is most intelligent when it is most businesslike.

Only in the exceptional case, where the integrity and competence of the advisers have been thoroughly demonstrated, should the investor act upon the advice of others without understanding and approving the decision made.

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.

Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.

The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.