Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.

A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.

A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.

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

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.

The intelligent investor shouldn't ignore Mr. Market entirely. Instead, you should do business with him- but only to the extent that it serves your interests.

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