“The memory of the financial community is proverbially and distressingly short.”

Thus the important and difficult part of sound investment, which hinges upon the investor’s own temperament and attitude, is not much affected by the passing years.

For 99 issues out of 100 we could say that at some price they are cheap enough to buy and at some price they would be so dear that they would be sold.

In the short-run, the market is a voting machine – reflecting a voter-registration test that requires only money, not intelligence or emotional stability – but in the long- run, the market is a weighing machine.

The essence of investment management is the management of risks, not the management of returns.

Knowledge is only one ingredient on arriving at a stock’s proper price. The other ingredient, fully as important as information, is sound judgment.

Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.

To see how much a company is truly earning on the capital it deploys in its businesses, look beyond EPS to Return on Invested Capital (ROIC).

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.

The best way to measure your investing success is not by whether you’re beating the market but by whether you’ve put in place a financial plan and a behavioral discipline that are likely to get you where you want to go.

The investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could vary widely in market price in response to changes in interest rates.

Instead of passing blithely over into that Promised Land, flowing almost literally with milk and honey, it may be our destiny to wander a full 40 years or more in the wilderness of doubt and divided sentiments.

The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.

The intelligent investor shouldn’t ignore Mr. Market entirely. Instead, you should do business with him- but only to the extent that it serves your interests.

Individuals who cannot master their emotions are ill-suited to profit from the investment process.

If you are shopping for common stocks, choose them the way you would buy groceries, not the way you would buy perfume.

Successful investing is about managing risk, not avoiding it.

Grayson said in a news release. “We must set forth a straightforward route to citizenship for the undocumented immigrants who already live in our communities, work for our businesses and want to give back to the country that they call home.

I promise to look after everyone in the community, not just those who come to church, not just white people, not just the Christians.

We who don’t want radical Islam to spread must compete with the agents of radical Islam. I want to see what would happen if Christians, feminists and Enlightenment thinkers were to start proselytizing in the Muslim community.

Writers are a loosely knit community – community is an overstated word. Writers don’t see each other very much.

Through biblical community in their local church, through honesty and transparency, sharing what it is that troubles them, being accountable.

If we are going to make the change from community to communitas, and not just end up with an unsustainable adrenaline-junkie culture.

You can be connected with community theater or make your own little movies. But, if you want to be a movie star, you’ve got a tough road ahead of you.

Developing wisdom in community is to constantly learn and relearn that expedience in the short term.