Every corporate security may be best viewed, in the first instance, as an ownership interest in, or a claim against, a specific business enterprise.

To establish the right price for a stock, the market must have adequate information, but it by no means follows that is the market has this information it will thereupon establish the right price.

Undervaluations caused by neglect or prejudice may persist for an inconveniently long time, and the same applies to inflated prices caused by over-enthusiasm or artificial stimulants.

An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.

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

We have not known a single person who has consistently or lastingly make money by thus "following the market". We do not hesitate to declare this approach is as fallacious as it is popular.

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