A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.

The intelligent investor is a realist who sells to optimists and buys from pessimists.

Both individual skill (art) and chance are important factors in determining success or failure.

Experience teaches that the time to buy stocks is when their price is unduly depressed by temporary adversity. In other words, they should be bought on a bargain basis or not at all.

Investing isn't about beating others at their game. It's about controlling yourself at your own game.

Buy not on optimism, but on arithmetic.

Successful investing is about managing risk, not avoiding it.