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

Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.

It always seemed, and still seems, ridiculously simple to say that if one can acquire a diversified group of common stocks at a price less than the applicable net current assets alone - after deducting all prior claims, and counting as zero the fixed and other assets - the results should be quite satisfactory.

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

In security analysis the prime stress is laid upon protection against untoward events. We obtain this protection by insisting upon margins of safety, or values well in excess of the price paid.

The purpose of this book is to supply, in the form suitable for laymen, guidance in the adoption and execution of an investment policy.

At heart, "uncertainty" and "investing" are synonyms.