Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient

In contrast to the speculators preoccupation with rapid gain, value investors demonstrate their risk aversion by striving to avoid loss.

Great investments don't just knock on the door and say "buy me".

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

Value investors should completely exit a security by the time it reaches full value; owning overvalued securities is the realm of speculators.

Investing is the intersection of economics and psychology.

Successful investors tend to be unemotional, allowing the greed and fear of others to play into their hands. By having confidence in their own analysis and judgement, they respond to market forces not with blind emotion but with calculated reason. Successful investors, for example, demonstrate caution in frothy markets and steadfast conviction in panicky ones. Indeed, the very way an investor views the market and it’s price fluctuations is a key factor in his or her ultimate investment success or failure.