To establish the right price for a stock, the market must have adequate information, but it by no means follows that is the market has this information it will thereupon establish the right price.

The true investor... will do better if he forgets about the stock market and pays attention to his dividend returns and to the operation results of his companies.

Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.

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

The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.

There is no reason to feel any shame in hiring someone to pick stocks or mutual funds for you. But there's one responsibility that you must never delegate. You, and no one but you, must investigate whether an adviser is trustworthy and charges reasonable fees.

Real investment risk is measured not by the percent that a stock may decline in price in relation to the general market in a given period, but by the danger of a loss of quality and earnings power through economic changes or deterioration in management.