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

The memory of the financial community is proverbially and distressingly short.

Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.

Most businesses change in character and quality over the years, sometimes for the better, perhaps more often for the worse. The investor need not watch his companies' performance like a hawk; but he should give it a good, hard look from time to time.

The sillier the market's behavior, the greater the opportunity for the business like investor.

Before you place your financial future in the hands of an adviser, it's imperative that you find someone who not only makes you comfortable but whose honesty is beyond reproach.

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