... the loss of public confidence in the financial community growing out of its own conduct in recent years. I insist that more damage has been done to stock values and to the future of equities from inside Wall Street than from outside Wall Street.

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.

Obvious prospects for physical growth in a business do not translate into obvious profits for investors.

The best values today are often found in the stocks that were once hot and have since gone cold.

We urge the beginner in security buying not to waste his efforts and his money in trying to beat the market. Let him study security values and initially test out his judgment on price versus value with the smallest possible sums.

The intelligent investor shouldn't ignore Mr. Market entirely. Instead, you should do business with him- but only to the extent that it serves your interests.

The intelligent investor is a realist who sells to optimists and buys from pessimists.