In other words, the percentage change in book value in any given year is likely to be reasonably close to that year's change in intrinsic value.

I put heavy weight on certainty. It's not risky to buy securities at a fraction of what they're worth.

You should look at stocks as small pieces of business.

Consciously paying more for a stock than its calculated value - in the hope that it can soon be sold for a still-higher price - should be labelled speculation

Time is the friend of the wonderful company, the enemy of the mediocre.

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

Investing is simple, but not easy.