We buy expecting to hold a bond to maturity and a stock forever.

Costs and liabilities are rarely overstated.

Value investing is at its core the marriage of a contrarian streak and a calculator.

There's no such thing as a value company. Price is all that matters. At some price, an asset is a buy, at another it's a hold, and at another it's a sell.

By investing at a discount, Benjamin Graham knew that he was unlikely to experience losses.

In a rising market, everyone makes money and a value philosophy is unnecessary. But because there is no certain way to predict what the market will do, one must follow a value philosophy at all times.

All investors must come to terms with the relentless continuity of the investment process.