Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.

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 function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.

In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.

In the old legend the wise men finally boiled down the history of mortal affairs into a single phrase: 'This too will pass.'

Mathematics is ordinarily considered as producing precise and dependable results; but in the stock market the more elaborate and abstruse the mathematics the more uncertain and speculative are the conclusions we draw there from. Whenever calculus is brought in, or higher algebra, you could take it as a warning that the operator was trying to substitute theory for experience, and usually also to give to speculation the deceptive guise of investment.

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