A margin of safety is achieved when securities are purchased at prices sufficiently below underlying value to allow for human error, bad luck, or extreme volatility in a complex, unpredictable and rapidly changing world.

Graham's wonderful sentence as, an investor needs only two things: cash and courage. Having only one of them is not enough.

If you can remember that stocks aren't pieces of paper that gyrate all the time --they are fractional interests in businesses -- it all makes sense.

Be indifferent if you lose your short term clients, remember they are your own worst enemy

Investing is the intersection of economics and psychology.

There is no amount of bad news that the markets cannot see past.

Pressure to produce over the short term - a gun to the head of everyone - encourages excessive risk taking which manifests itself in several ways - fully invested posture at all times, the use of leverage, and a market centric orientation that makes it difficult to stand apart from the crowd and take a long term perspective.