“We define a bargain issue as one which, on the basis of facts established by analysis, appears to be worth considerably more that it is selling for.”

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.

The sillier the market’s behavior, the greater the opportunity for the business like investor.

there is a tendency in part of Wall Street people to pay excessive attention to the most recent figures and the present financial picture.

To enjoy a reasonable chance for continued better than average results, the investor must follow policies which are (1) inherently sound and promising, and (2) not popular on Wall Street.

Speculators often prosper through ignorance; it is a cliché that in a roaring bull market knowledge is superfluous and experience is a handicap. But the typical experience of the speculator is one of temporary profit and ultimate loss

In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.

Never mingle your speculative and investment operations in the same account nor in any part of your thinking.

Although there are good and bad companies, there is no such thing as a good stock; there are only good stock prices, which come and go.

Real investment risk is measured not by the percent that a stock may decline in price in relation to the general market in a given period, but by the danger of a loss of quality and earnings power through economic changes or deterioration in management.

By developing your discipline and courage, you can refuse to let other people’s mood swings govern your financial destiny. In the end, how your investments behave is much less important than how you behave.

Mr. Market’s job is to provide you with prices; your job is to decide whether it is to your advantage to act on them. You no not have to trade with hime just because he constantly begs you to.

In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities.

I do my own analysis on the teams I am refereeing.

The mistake that the Bush administration should admit to is not so much that they made the wrong choices. They made the right analysis; they made the right choices. But what they did wrong was the execution of those choices. That was wrong.

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

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

I have concluded through careful empirical analysis and much thought that somebody is looking out for me, keeping track of what I think about things, forgiving me when I do less than I ought.

Awe is an intuition for the dignity of all things, a realization that things not only are what they are but also stand, however remotely, for something supreme.

What we cannot comprehend by analysis, we become aware of in awe.

In the final analysis, photography… is ever a hireling, ever the hired gun.