“Undervaluations caused by neglect or prejudice may persist for an inconveniently long time, and the same applies to inflated prices caused by over-enthusiasm or artificial stimulants.”

Many progressive economists insist that gold is now in essentially the same position as silver and that the arguments the simon-pure gold advocates use against the white metal can be directed with equal effect against their own fetish.

The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.

Speculative stock movements are carried too far in both directions, frequently in the general market and at all times in at least some of the individual issues.

The true investor… will do better if he forgets about the stock market and pays attention to his dividend returns and to the operation results of his companies.

The utility, or intrinsic value of gold as a commodity is now considerably less than in the past; its monetary status has become extraordinarily ambiguous; and its future is highly uncertain.

Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble… to give way to hope, fear and greed.

It is worth pointing out that assuredly not more than one person out of a hundred who stayed in the market after after 1925 emerged from it with a net profit and that the speculative losses taken were appalling.

Rather should we say that the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion.

Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.

No statement is more true and better applicable to Wall Street than the famous warning of Santayana: “Those who do not remember the past are condemned to repeat it”.

No matter how careful you are, the one risk no investor can ever eliminate is the risk of being wrong. Only by insisting on what Graham called the “margin of safety” – never overpaying, no matter how exciting an investment seems to be – can you minimize your odds of error.

Though business conditions may change, corporations and securities may change, and financial institutions and regulations may change, human nature remains the same.

Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.

Investing isn’t about beating others at their game. It’s about controlling yourself at your own game.

By refusing to pay too much for an investment, you minimize the chances that your wealth will ever disappear or suddenly be destroyed.

If I have noticed anything over these 60 years on Wall Street, it is that people do not succeed in forecasting what`s going to happen to the stock market.

Like simplicity and candor, and other much-commented qualities, enthusiasm is charming until we meet it face to face, and cannot escape from its charm.

The choice of a topic which will bear analysis and support enthusiasm, is essential to the enjoyment of conversation.

It is because of our unassailable enthusiasm, our profound reverence for education, that we habitually demand of it the impossible. The teacher is expected to perform a choice and varied series of miracles.

Each day, you must rise with a restless enthusiasm. If you don’t, you are working.

Find that pursuit that will energize you, consume you, become an obsession.

Enthusiasm just creates bubbles; it doesn’t keep them from popping.

None of my friends don’t have Facebook accounts.

Op-eds and studies can highlight our decreased enthusiasm for Facebook ’til the cows come home.