There is a close logical connection between the concept of a safety margin and the principle of diversification.

Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it – even though others may hesitate or differ.

Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.

Buy not on optimism, but on arithmetic.

Individuals who cannot master their emotions are ill-suited to profit from the investment process.

A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.

The underlying principles of sound investment should not alter from decade to decade, but the application of these principles must be adapted to significant changes in the financial mechanisms and climate.