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

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

An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.

We are convinced that the intelligent investor can derive satisfactory results from pricing of either type (market timing or fundamental analysis via price). We are equally sure that if he places his emphasis on timing, in the sense of forecasting, he will end up as a speculator and with a speculator's financial results." And "The speculator's primary interest lies in anticipating and profiting from market fluctuations. The investor's primary interest lies in acquiring and holding suitable securities at suitable prices.

Never mingle your speculative and investment operations in the same account nor in any part of your thinking.

While enthusiasm may be necessary for great accomplishments elsewhere, on Wall Street it almost invariably leads to disaster

Traditionally the investor has been the man with patience and the courage of his convictions who would buy when the harried or disheartened speculator was selling.