While enthusiasm may be necessary for great accomplishments elsewhere, on Wall Street it almost invariably leads to disaster

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

We have not known a single person who has consistently or lastingly make money by thus "following the market". We do not hesitate to declare this approach is as fallacious as it is popular.

Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.

At heart, "uncertainty" and "investing" are synonyms.

The sillier the market's behavior, the greater the opportunity for the business like investor.

Losing some money is an inevitable part of investing, and there's nothing you can do to prevent it. But to be an intelligent investor, you must take responsibility for ensuring that you never lose most or all of your money.