“The intelligent investor shouldn’t ignore Mr. Market entirely. Instead, you should do business with him- but only to the extent that it serves your interests.”

Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.

Price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal.

Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it.

Both individual skill (art) and chance are important factors in determining success or failure.

Buy not on optimism, but on arithmetic.

To have a true investment, there must be a true margin of safety. And a true margin of safety is one that can be demonstrated by figures, by persuasive reasoning, and by reference to a body of actual experience.

The investor who permits himself to be stampeded or unduly worried by unjustified market declines in his holdings is perversely transforming his basic advantage into a basic disadvantage.

The Reservoir system will function not only as an equalizer of business conditions, but also as a national store to meet further emergencies, such as war and drought, and-most important of all-as the concrete means of developing a steadily higher living standard for all.

High valuations entail high risks.

Most businesses change in character and quality over the years, sometimes for the better, perhaps more often for the worse. The investor need not watch his companies’ performance like a hawk; but he should give it a good, hard look from time to time.

It requires strength of character in order to think and to act in opposite fashion from the crowd and also patience to wait for opportunities that may be spaced years apart.

The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.

Wall Street has a few prudent principles; the trouble is that they are always forgotten when they are most needed.

Calculate a stock’s price/earnings ratio yourself, using Graham’s formula of current price divided by average earnings over the past three years.

The memory of the financial community is proverbially and distressingly short.

The value of the security analyst to the investor depends largely on the investor’s own attitude. If the investor asks the analyst the right questions, he is likely to get the right or at least valuable answers.

It was an effort to include intelligent design and treat it as science, disparaging evolution along the way. That will not stand.

A really intelligent man feels what other men only know.

I thought I was writing for a fairly hip, intelligent crowd; I just thought there were more of them out there. But they’re not. They’re not out there waiting. They’re not gonna use their intelligence on your book.

It’s the quintessential Greek sport: harmonious, competitive, agonizing, nautical, and above all, intelligent. It combines Odysseus’s brains and brawn and love of the sea with the tactical precision of the Spartan pikeman.

When you buy into any version of fear, it can become your experience because your molecules are intelligent and your energy responds to the predominant feeling in your being. The focus of your mind is exactly what gives the orders to create what you experience.

They who assert that a blind fatality produced the various effects we behold in this world talk very absurdly; for can anything be more unreasonable than to pretend that a blind fatality could be productive of intelligent beings.

Breath is the vehicle of consciousness and so, by its slow measured observation and distribution, we learn to tug our attention away from external desires toward a judicious, intelligent awareness.

Backboneless employees are too ready to attribute the success of others to luck. Luck is usually the fruit of intelligent application. The man who is intent on making the most of his opportunities is too busy to bother about luck.