People will always try to stop you from doing the right thing if it is unconventional.

The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball.

Fear is the foe of the faddist, but the friend of the fundamentalist.

You don't want 300 million Americans putting their money under the mattress.

Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life. The calculation of intrinsic value, though, is not so simple. As our definition suggests, intrinsic value is an estimate rather than a precise figure, and it is additionally an estimate that must be changed if interest rates move or forecasts of future cash flows are revised.

When they get their ego involved, people do things they shouldn't do.

Stocks of companies selling commodity-like products should come with a warning label: "Competition may prove hazardous to human wealth".