The intelligent investor shouldn't ignore Mr. Market entirely. Instead, you should do business with him- but only to the extent that it serves your interests.

The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.

An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.

It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.

There is no reason to feel any shame in hiring someone to pick stocks or mutual funds for you. But there's one responsibility that you must never delegate. You, and no one but you, must investigate whether an adviser is trustworthy and charges reasonable fees.

The memory of the financial community is proverbially and distressingly short.

Experience teaches that the time to buy stocks is when their price is unduly depressed by temporary adversity. In other words, they should be bought on a bargain basis or not at all.