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

Successful investing is about managing risk, not avoiding it.

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.

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.

I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities.

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

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