An investor calculates what a stock is worth, based on the value of its businesses.

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.

The qualitative factors upon which most stress is laid are the nature of the business and the character of the management. These elements are exceedingly important, but they are also exceedingly difficult to deal with intelligently.

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

The only thing you should do with pro forma earnings is ignore them.

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

The purpose of this book is to supply, in the form suitable for laymen, guidance in the adoption and execution of an investment policy.