The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.

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

It is absurd to think that the general public can ever make money out of market forecasts.

The margin of safety is always dependent on the price paid. It will be large at one price, small at some higher price, nonexistent at some still higher price.

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.

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

No statement is more true and better applicable to Wall Street than the famous warning of Santayana: "Those who do not remember the past are condemned to repeat it".