Buy not on optimism, but on arithmetic.

Every corporate security may be best viewed, in the first instance, as an ownership interest in, or a claim against, a specific business enterprise.

To be an investor you must be a believer in a better tomorrow.

The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.

The value of any investment is, and always must be, a function of the price you pay for it.

Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.

Losing some money is an inevitable part of investing, and there's nothing you can do to prevent it. But to be an intelligent investor, you must take responsibility for ensuring that you never lose most or all of your money.