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

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

In the old legend the wise men finally boiled down the history of mortal affairs into a single phrase: 'This too will pass.'

Abnormally good or abnormally bad conditions do not last forever.

High valuations entail high risks.

It requires strength of character in order to think and to act in opposite fashion from the crowd and also patience to wait for opportunities that may be spaced years apart.

The intelligent investor is likely to need considerable will power to keep from following the crowd.