In the short run, the market is a voting machine, but in the long run it is a weighing machine.

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

Never buy a stock because it has gone up or sell one because it has gone down.

there is a tendency in part of Wall Street people to pay excessive attention to the most recent figures and the present financial picture.

It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.

It always seemed, and still seems, ridiculously simple to say that if one can acquire a diversified group of common stocks at a price less than the applicable net current assets alone - after deducting all prior claims, and counting as zero the fixed and other assets - the results should be quite satisfactory.

Only in the exceptional case, where the integrity and competence of the advisers have been thoroughly demonstrated, should the investor act upon the advice of others without understanding and approving the decision made.