The best way in my view is to just buy a low-cost index fund and keep buying it regularly over time, because you'll be buying into a wonderful industry, which in effect is all of American industry... People ought to sit back and relax and keep accumulating over time.

Today people who hold cash equivalents feel comfortable. They shouldn't. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value.

Long ago, Ben Graham taught me that "Price is what you pay; value is what you get." Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down.

To be successful, you should concentrate on the world of companies, not arcane accounting mathematics.

Do not take yearly results too seriously. Instead, focus on four or five-year averages.

You have no ability, if you're a financial institution and you're threatened with criminal prosecution, you have no ability to negotiate.

In the great majority of cases we simply do not know enough about the industry or company to come to sensible judgments-in that situation we pass.