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.

Mathematics is ordinarily considered as producing precise and dependable results; but in the stock market the more elaborate and abstruse the mathematics the more uncertain and speculative are the conclusions we draw there from. Whenever calculus is brought in, or higher algebra, you could take it as a warning that the operator was trying to substitute theory for experience, and usually also to give to speculation the deceptive guise of investment.

The essence of investment management is the management of risks, not the management of returns.

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

As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily against him.

Calculate a stock's price/earnings ratio yourself, using Graham's formula of current price divided by average earnings over the past three years.

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.