Although there are good and bad companies, there is no such thing as a good stock; there are only good stock prices, which come and go.

We urge the beginner in security buying not to waste his efforts and his money in trying to beat the market. Let him study security values and initially test out his judgment on price versus value with the smallest possible sums.

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

The true investor... will do better if he forgets about the stock market and pays attention to his dividend returns and to the operation results of his companies.

For 99 issues out of 100 we could say that at some price they are cheap enough to buy and at some price they would be so dear that they would be sold.

Only in the exceptional case, where the integrity and competence of the advisers have been thoroughly demonstrated, should the investor act upon the advice of others without understanding and approving the decision made.

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