The stock market resembles a huge laundry in which institutions take in large blocks of each others washing ... without rhyme or reason.

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.

To establish the right price for a stock, the market must have adequate information, but it by no means follows that is the market has this information it will thereupon establish the right price.

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

To see how much a company is truly earning on the capital it deploys in its businesses, look beyond EPS to Return on Invested Capital (ROIC).

In the old legend the wise men finally boiled down the history of mortal affairs into a single phrase: 'This too will pass.'

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