Even with a margin of safety in the investor's favor, an individual security may work out badly. For the margin guarantees only that he has a better chance for profit than for loss - not that loss is impossible. But as the number of such commitments is increased the more certain does it become that the aggregate of the profits will exceed the aggregate of the losses.

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

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.

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.

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

As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily against him.

The best values today are often found in the stocks that were once hot and have since gone cold.