Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it.

Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.

Those with the enterprise lack the money and those with the money lack the enterprise to buy stocks when they are cheap.

It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.

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

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

No matter how careful you are, the one risk no investor can ever eliminate is the risk of being wrong. Only by insisting on what Graham called the "margin of safety" - never overpaying, no matter how exciting an investment seems to be - can you minimize your odds of error.