The best values today are often found in the stocks that were once hot and have since gone cold.

Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.

If fees consume more than 1% of your assets annually, you should probably shop for another adviser.

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.

We urge the beginner in security buying not to waste his efforts and his money in trying to beat the market. Let him study security values and initially test out his judgment on price versus value with the smallest possible sums.

The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.

Knowledge is only one ingredient on arriving at a stock's proper price. The other ingredient, fully as important as information, is sound judgment.