To enjoy a reasonable chance for continued better than average results, the investor must follow policies which are (1) inherently sound and promising, and (2) not popular on Wall Street.

In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.

The market is a pendulum that forever swings between unsustainable optimism (which makes stocks too expensive) and unjustified pessimism (which makes them too cheap). The intelligent investor is a realist who sells to optimists and buys from pessimists.

Confusing speculation with investment is always a mistake.

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.

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

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