I am more and more impressed with the possibilities of history's repeating itself on many different counts. You don't get very far in Wall Street with the simple, convenient conclusion that a given level of prices is not too high.

Confusing speculation with investment is always a mistake.

The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.

Since we have emphasized that analysis will lead to a positive conclusion only in the exceptional case, it follows that many securities must be examined before one is found that has real possibilities for the analyst. By what practical means does he proceed to make his discoveries? Mainly by hard and systematic work.

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

The sillier the market's behavior, the greater the opportunity for the business like investor.