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

In security analysis the prime stress is laid upon protection against untoward events. We obtain this protection by insisting upon margins of safety, or values well in excess of the price paid.

Successful investing is about managing risk, not avoiding it.

Traditionally the investor has been the man with patience and the courage of his convictions who would buy when the harried or disheartened speculator was selling.

Diversification is an established tenet of conservative investment.

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 true investor... will do better if he forgets about the stock market and pays attention to his dividend returns and to the operation results of his companies.