It is no difficult trick to bring a great deal of energy, study, and native ability into Wall Street and to end up with losses instead of profits. These virtues, if channeled in the wrong directions, become indistinguishable from handicaps.

The memory of the financial community is proverbially and distressingly short.

Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it.

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

Although there are good and bad companies, there is no such thing as a good stock; there are only good stock prices, which come and go.

The intelligent investor gets interested in big growth stocks not when they are at their most popular - but when something goes wrong.

Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety.