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

The sillier the market's behavior, the greater the opportunity for the business like investor.

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

The determining trait of the enterprising (or active, or aggressive) investor is his willingness to devote time and care to the selection of securities that are both sound and more attractive than the average.

... the loss of public confidence in the financial community growing out of its own conduct in recent years. I insist that more damage has been done to stock values and to the future of equities from inside Wall Street than from outside Wall Street.

Buy not on optimism, but on arithmetic.