Mathematics is ordinarily considered as producing precise and dependable results; but in the stock market the more elaborate and abstruse the mathematics the more uncertain and speculative are the conclusions we draw there from. Whenever calculus is brought in, or higher algebra, you could take it as a warning that the operator was trying to substitute theory for experience, and usually also to give to speculation the deceptive guise of investment.

A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.

There is no reason to feel any shame in hiring someone to pick stocks or mutual funds for you. But there's one responsibility that you must never delegate. You, and no one but you, must investigate whether an adviser is trustworthy and charges reasonable fees.

Confusing speculation with investment is always a mistake.

Before you invest, you must ensure that you have realistically assessed your probability of being right and how you will react to the consequences of being wrong.

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

there is a tendency in part of Wall Street people to pay excessive attention to the most recent figures and the present financial picture.