The investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could vary widely in market price in response to changes in interest rates.

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

Always buy your straw hats in the Winter

Those with the enterprise lack the money and those with the money lack the enterprise to buy stocks when they are cheap.

The defensive (or passive) investor will place chief emphasis on the avoidance of serious mistakes or losses. His second aim will be freedom from effort, annoyance, and the need for making frequent decisions.

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.

I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities.