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.

The true investor... will do better if he forgets about the stock market and pays attention to his dividend returns and to the operation results of his companies.

An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.

Investing is most intelligent when it is most businesslike.

The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.

People who invest make money for themselves; people who speculate make money for their brokers. And that, in turn, is why Wall Street perennially downplays the durable virtues of investing and hypes the gaudy appeal of speculation.

It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.