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.

The essence of investment management is the management of risks, not the management of returns.

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

Mr. Market does not always price stocks the way an appraiser or a private buyer would value a business. Instead, when stocks are going up, he happily pays more than their objective value; and, when they are going down, he is desperate to dump them for less than their true worth.

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

The only thing you should do with pro forma earnings is ignore them.

To enjoy a reasonable chance for continued better than average results, the investor must follow policies which are (1) inherently sound and promising, and (2) not popular on Wall Street.