... 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.

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

To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.

High valuations entail high risks.

We define a bargain issue as one which, on the basis of facts established by analysis, appears to be worth considerably more that it is selling for.

The stock market resembles a huge laundry in which institutions take in large blocks of each others washing ... without rhyme or reason.

Most businesses change in character and quality over the years, sometimes for the better, perhaps more often for the worse. The investor need not watch his companies' performance like a hawk; but he should give it a good, hard look from time to time.