“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.”

The best values today are often found in the stocks that were once hot and have since gone cold.

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.

It’s funny, people often ask me, “Why do you do bike tours where it takes three times the effort and you make one-third of the money?” My answer is that I’m trying to do it ethically. What does that mean, exactly? That conflict is a big part of my art.

In opposing we always talk about freedom in the Western world, Muslims always talk about justice.

Like every other means of expression, photography, if it is to be utterly honest and direct, should be related to the life of the times – the pulse of today.

Does not the very word ‘creative’ mean to build, to initiate, to give out, to act – rather than to be acted upon, to be subjective? Living photography is positive in its approach, it sings a song of life – not death.

I hate to let people down. I was like that in sports and I was like that in comedy. I was like that at work. When I worked General Motors and stuff like that, when I say something, I mean it.

Give woman equality with man, by all means; but do it by taking power from man, not giving it to woman.

It’s one thing if everyone wears the same shoes or drinks the same soda. But the world of literature is the last place in which globalization should mean homogeneity.

When you talk about war on poverty it doesn’t mean very much; but if you can show to some degree this sort of thing then you can show a great deal more of how people are living and a very great percentage of our people today.