... 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.

The margin of safety is always dependent on the price paid. It will be large at one price, small at some higher price, nonexistent at some still higher price.

Buy not on optimism, but on arithmetic.

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

I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities.

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

When somebody asserts that a stock has an earning power of so much, I am sure that the person who hears him doesn't know what he means, and there is a good chance that the man who uses it doesn't know what it means.