Price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal.

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

No matter how careful you are, the one risk no investor can ever eliminate is the risk of being wrong. Only by insisting on what Graham called the "margin of safety" - never overpaying, no matter how exciting an investment seems to be - can you minimize your odds of error.

The only thing you should do with pro forma earnings is ignore them.

Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it – even though others may hesitate or differ.

The intelligent investor gets interested in big growth stocks not when they are at their most popular - but when something goes wrong.

The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.