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

Obvious prospects for physical growth in a business do not translate into obvious profits for investors.

Only in the exceptional case, where the integrity and competence of the advisers have been thoroughly demonstrated, should the investor act upon the advice of others without understanding and approving the decision made.

There is a close logical connection between the concept of a safety margin and the principle of diversification.

Both individual skill (art) and chance are important factors in determining success or failure.

Buy not on optimism, but on arithmetic.

To have a true investment, there must be a true margin of safety. And a true margin of safety is one that can be demonstrated by figures, by persuasive reasoning, and by reference to a body of actual experience.