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.

The thing that I have been emphasizing in my own work for the last few years has been the group approach. To try to buy groups of stocks that meet some simple criterion for being undervalued-regardless of the industry and with very little attention to the individual company.

By refusing to pay too much for an investment, you minimize the chances that your wealth will ever disappear or suddenly be destroyed.

It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.

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

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.

No statement is more true and better applicable to Wall Street than the famous warning of Santayana: "Those who do not remember the past are condemned to repeat it".