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.

The intelligent investor gets interested in big growth stocks not when they are at their most popular - but when something goes wrong.

Buy not on optimism, but on arithmetic.

It is our argument that a sufficiently low price can turn a security of mediocre quality into a sound investment opportunity - provided that the buyer is informed and experienced and he practices adequate diversification. For, if the price is low enough to create a substantial margin of safety, the security thereby meets our criterion of investment.

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

We define a bargain issue as one which, on the basis of facts established by analysis, appears to be worth considerably more that it is selling for.

The investor's chief problem - and even his worst enemy - is likely to be himself.