“Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety.”

… the loss of public confidence in the financial community growing out of its own conduct in recent years. I insist that more damage has been done to stock values and to the future of equities from inside Wall Street than from outside Wall Street.

It is no difficult trick to bring a great deal of energy, study, and native ability into Wall Street and to end up with losses instead of profits. These virtues, if channeled in the wrong directions, become indistinguishable from handicaps.

It must be fundamentally wrong to reduce production of food and fiber while one-third of our population is still ill fed and ill clothed.

The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.

There is a close logical connection between the concept of a safety margin and the principle of diversification.

You must never delude yourself into thinking that you’re investing when you’re speculating.

Both a priori reasoning and experience teach us that as as these funds grow larger the geometrical rate of growth by compound interest ultimately defeats itself.

As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily against him.

Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.

In security analysis the prime stress is laid upon protection against untoward events. We obtain this protection by insisting upon margins of safety, or values well in excess of the price paid.

The investor’s primary interest lies in acquiring and holding suitable securities at suitable prices.

People who invest make money for themselves; people who speculate make money for their brokers. And that, in turn, is why Wall Street perennially downplays the durable virtues of investing and hypes the gaudy appeal of speculation.

We have not known a single person who has consistently or lastingly make money by thus “following the market”. We do not hesitate to declare this approach is as fallacious as it is popular.

An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.

It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.

If fees consume more than 1% of your assets annually, you should probably shop for another adviser.

Each shooting day is a big challenge, but it’s also fun.

Art does not exist only to entertain, but also to challenge one to think, to provoke, even to disturb, in a constant search for truth.

Sometimes the darkest challenges, the most difficult lessons, hold the greatest gems of light.

Life sometimes brings enormous difficulties and challenges that seem just too hard to bear. But bear them you can, and bear them you will, and your life can have a purpose.

The open frontier, the hardships of homesteading from scratch, the wealth of natural resources.

The challenge to the improvisor is to get permanence into his spontaneity.

One of the flabby lines you hear sometimes is, ‘Speak truth to power’. Power knows the truth. It’s speaking the truth to yourself that’s the challenge.

The flexibility we gain in asana is the living symbol of the suppleness we gain in relation to life’s problems and challenges.