By refusing to pay too much for an investment, you minimize the chances that your wealth will ever disappear or suddenly be destroyed.

Wall Street people learn nothing and forget everything.

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.

The best values today are often found in the stocks that were once hot and have since gone cold.

Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.

We urge the beginner in security buying not to waste his efforts and his money in trying to beat the market. Let him study security values and initially test out his judgment on price versus value with the smallest possible sums.

Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety.