Investing is most intelligent when it is most businesslike.

Calculate a stock's price/earnings ratio yourself, using Graham's formula of current price divided by average earnings over the past three years.

A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.

... the loss of public confidence in the financial community growing out of its own conduct in recent years. I insist that more damage has been done to stock values and to the future of equities from inside Wall Street than from outside Wall Street.

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

To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.

The investor with a portfolio of sound stocks should expect their prices to fluctuate and should neither be concerned by sizable declines nor become excited by sizable advances. He should always remember that market quotations are there for his convenience, either to be taken advantage of or to be ignored.