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.

Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.

Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it.

At heart, "uncertainty" and "investing" are synonyms.

For 99 issues out of 100 we could say that at some price they are cheap enough to buy and at some price they would be so dear that they would be sold.

The margin of safety is always dependent on the price paid. It will be large at one price, small at some higher price, nonexistent at some still higher price.

Buy not on optimism, but on arithmetic.