The investor's chief problem - and even his worst enemy - is likely to be himself.

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

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

Undervaluations caused by neglect or prejudice may persist for an inconveniently long time, and the same applies to inflated prices caused by over-enthusiasm or artificial stimulants.

In the short run, the market is a voting machine, but in the long run it is a weighing machine.

It requires strength of character in order to think and to act in opposite fashion from the crowd and also patience to wait for opportunities that may be spaced years apart.

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.