At heart, "uncertainty" and "investing" are synonyms.

Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.

An investor calculates what a stock is worth, based on the value of its businesses.

The qualitative factors upon which most stress is laid are the nature of the business and the character of the management. These elements are exceedingly important, but they are also exceedingly difficult to deal with intelligently.

The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.

The margin of safety is always dependent on the price paid. It will be large at one price, small at some higher price, nonexistent at some still higher price.

Obvious prospects for physical growth in a business do not translate into obvious profits for investors.