Investing is most intelligent when it is most businesslike.

It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.

I quickly convinced myself that the true key to material happiness lay in a modest standard of living which could be achieved with little difficulty under almost all economic conditions.

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

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

Losing some money is an inevitable part of investing, and there's nothing you can do to prevent it. But to be an intelligent investor, you must take responsibility for ensuring that you never lose most or all of your money.

The thing that I have been emphasizing in my own work for the last few years has been the group approach. To try to buy groups of stocks that meet some simple criterion for being undervalued-regardless of the industry and with very little attention to the individual company.