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

The essence of investment management is the management of risks, not the management of returns.

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.

The thing that I have been emphasizing in my own work for the last few years has been the group approach. To try to buy groups of stocks that meet some simple criterion for being undervalued-regardless of the industry and with very little attention to the individual company.

Abnormally good or abnormally bad conditions do not last forever.

As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily against him.

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