In reality, no one knows what the market will do; trying to predict it is a waste of time, and investing based upon that prediction is a speculative undertaking.

Over the long run, the crowd is always wrong.

Successful investors must temper the arrogance of taking a stand with a large dose of humility, accepting that despite their efforts and care, they may in fact be wrong.

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

Value investing by its very nature is contrarian.

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

The government can reasonably rely on debt ratings when it forms programs to lend money to buyers of otherwise unattractive debt instruments.