By developing your discipline and courage, you can refuse to let other people's mood swings govern your financial destiny. In the end, how your investments behave is much less important than how you behave.

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

It is absurd to think that the general public can ever make money out of market forecasts.

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

Never mingle your speculative and investment operations in the same account nor in any part of your thinking.

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