“The Reservoir plan is an engineering mechanism applied to the field of economics, and in its essence it has nothing to do with democracy or any other political philosophy.”

Stocks can be dynamite.

I quickly convinced myself that the true key to material happiness lay in a modest standard of living which could be achieved with little difficulty under almost all economic conditions.

Before you invest, you must ensure that you have realistically assessed your probability of being right and how you will react to the consequences of being wrong.

The intelligent investor gets interested in big growth stocks not when they are at their most popular – but when something goes wrong.

The ideal form of common stock analysis leads to a valuation of the issue which can be compared with the current price to determine whether or not the security is an attractive purchase.

Every corporate security may be best viewed, in the first instance, as an ownership interest in, or a claim against, a specific business enterprise.

The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.

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.

I think a craft becomes an art form when the space of possible solutions becomes so huge that engineering can’t carry you through.

There’s nothing I believe in more strongly than getting young people interested in science and engineering, for a better tomorrow, for all humankind.

Writing a class without its contract would be similar to producing an engineering component (electrical circuit, VLSI (Very Large Scale Integration) chip, bridge, engine…) without a spec. No professional engineer would even consider the idea.

Being a language, mathematics may be used not only to inform but also, among other things, to seduce.

Engineering is too important to wait for science.

Leonardo Da Vinci combined art and science and aesthetics and engineering, that kind of unity is needed once again.

I kind of think of engineering like the chefs at a restaurant. Nobody’s going to deny chefs are integrally important, but there’s also so many other people who contribute to a great meal.

Death is an engineering problem.