You must never delude yourself into thinking that you're investing when you're speculating.

The investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could vary widely in market price in response to changes in interest rates.

... 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.

Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.

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

The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.

In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities. Rather should we say that the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion.