Experience teaches that the time to buy stocks is when their price is unduly depressed by temporary adversity. In other words, they should be bought on a bargain basis or not at all.

... the loss of public confidence in the financial community growing out of its own conduct in recent years. I insist that more damage has been done to stock values and to the future of equities from inside Wall Street than from outside Wall Street.

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

Before you invest, you must ensure that you have realistically assessed your probability of being right and how you will react to the consequences of being wrong.

The investor's chief problem - and even his worst enemy - is likely to be himself.

Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety.

An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.