A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.

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

You must never delude yourself into thinking that you're investing when you're speculating.

The most striking thing about Graham's discussion of how to allocate your assets between stocks and bonds is that he never mentions the word "age".

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

The ideal form of common stock analysis leads to a valuation of the issue which can be compared with the current price to determine whether or not the security is an attractive purchase.

It is no difficult trick to bring a great deal of energy, study, and native ability into Wall Street and to end up with losses instead of profits. These virtues, if channeled in the wrong directions, become indistinguishable from handicaps.