Investing isn't about beating others at their game. It's about controlling yourself at your own game.

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

In the financial markets, hindsight is forever 20/20, but foresight is legally blind. And thus, for most investors, market timing is a practical and emotional impossibility.

It is our argument that a sufficiently low price can turn a security of mediocre quality into a sound investment opportunity - provided that the buyer is informed and experienced and he practices adequate diversification. For, if the price is low enough to create a substantial margin of safety, the security thereby meets our criterion of investment.

Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.

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 chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.