It is absurd to think that the general public can ever make money out of market forecasts.

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

It is our argument that a sufficiently low price can turn a security of mediocre quality into a sound investment opportunity - provided that the buyer is informed and experienced and he practices adequate diversification. For, if the price is low enough to create a substantial margin of safety, the security thereby meets our criterion of investment.

As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily against him.

The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.

People who invest make money for themselves; people who speculate make money for their brokers. And that, in turn, is why Wall Street perennially downplays the durable virtues of investing and hypes the gaudy appeal of speculation.

An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.