To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.

It requires strength of character in order to think and to act in opposite fashion from the crowd and also patience to wait for opportunities that may be spaced years apart.

I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities.

Speculative stock movements are carried too far in both directions, frequently in the general market and at all times in at least some of the individual issues.

Undervaluations caused by neglect or prejudice may persist for an inconveniently long time, and the same applies to inflated prices caused by over-enthusiasm or artificial stimulants.

I am more and more impressed with the possibilities of history's repeating itself on many different counts. You don't get very far in Wall Street with the simple, convenient conclusion that a given level of prices is not too high.

For 99 issues out of 100 we could say that at some price they are cheap enough to buy and at some price they would be so dear that they would be sold.