“Intelligent investment is more a matter of mental approach than it is of technique. A sound mental approach toward stock fluctuations is the touchstone of all successful investment under present-day conditions.”

A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.

Do not let anyone else run your business

Never buy a stock because it has gone up or sell one because it has gone down.

It is absurd to think that the general public can ever make money out of market forecasts.

It is a fact worth pondering that four centuries ago the evil of “an abundance or surplus” arose from its being kept off the market, while today the evil of surplus lies in its being thrown upon the market.

The stock market resembles a huge laundry in which institutions take in large blocks of each others washing … without rhyme or reason.

To establish the right price for a stock, the market must have adequate information, but it by no means follows that is the market has this information it will thereupon establish the right price.

The money cost of the reservoir plan literally fades into insignificance when it is compared with the financial burden which the great depression imposed on the nation.

A great company is not a great investment if you pay too much for the stock.

An investor calculates what a stock is worth, based on the value of its businesses.

The only thing you should do with pro forma earnings is ignore them.

Investing is most intelligent when it is most businesslike.

There is no reason to feel any shame in hiring someone to pick stocks or mutual funds for you. But there’s one responsibility that you must never delegate. You, and no one but you, must investigate whether an adviser is trustworthy and charges reasonable fees.

When somebody asserts that a stock has an earning power of so much, I am sure that the person who hears him doesn’t know what he means, and there is a good chance that the man who uses it doesn’t know what it means.

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

Even defensive portfolios should be changed from time to time, especially if the securities purchased have an apparently excessive advance and can be replaced by issues much more reasonable priced.

If two smart, intelligent, clever guys sit together on a table, and you both want the same, where can be the problem? We all want to be successful.

Many people are being persuaded that they cannot be considered intelligent or well educated if they insist on the doctrine of the verbal inspiration of the Book.

To endow clock time with numinous meaning [is] hardly a fit occupation for an intelligent person.

Like the air we breathe or like the passage of time, is central to our existence as intelligent beings.

Having an intelligent secretary does not get rid of the need to read, write, and draw, etc.

Invaluable….the best one-stop source I’ve seen for what various officials actually said at various times, suffused with intelligent analysis.

Why is it always the “intelligent” people who are socialists?

The world holds two classes of men; intelligent men without religion, and religious men without intelligence.