Speculative stock movements are carried too far in both directions, frequently in the general market and at all times in at least some of the individual issues.

It is absurd to think that the general public can ever make money out of market forecasts.

Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety.

Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.

Experience teaches that the time to buy stocks is when their price is unduly depressed by temporary adversity. In other words, they should be bought on a bargain basis or not at all.

I quickly convinced myself that the true key to material happiness lay in a modest standard of living which could be achieved with little difficulty under almost all economic conditions.

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