“Buy not on optimism, but on arithmetic.”

The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.

The people of the United States will not tolerate another deep depression that arises not from any lack of natural resources, productive capacity or man and brain power, but solely from imperfections in the functioning of the system of finance capitalism.

Confusing speculation with investment is always a mistake.

The market is a pendulum that forever swings between unsustainable optimism (which makes stocks too expensive) and unjustified pessimism (which makes them too cheap). The intelligent investor is a realist who sells to optimists and buys from pessimists.

Wall Street people learn nothing and forget everything.

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.

I was reading about how countless species are being pushed toward extinction by man’s destruction of forests. . . .

The intelligent investor is likely to need considerable will power to keep from following the crowd.

One other thing: at the meeting in Canada, [there was] the coup in Fiji. This comes to an important part of the Commonwealth: the role of the Queen [Elizabeth II]. I had absolutely just enormous respect for her as leader of the Commonwealth.

I want an intelligent girl whom I can talk about everything. I want her to be my friend, to be partners. I don’t like when a girl is rough, but delicate and subtle. I like good manners and not rudeness nor arrogance.

To me, God is an intelligent, loving, conscious energy and why do I say that? Well you need energy to create. You have to have a source. It’s undifferentiated energy which has intelligence or it couldn’t create.

I believe that young people are looking for answers to the big questions just like everyone else, and that they respect intelligent comment to help guide them through tough times.

The underlying principles of sound investment should not alter from decade to decade, but the application of these principles must be adapted to significant changes in the financial mechanisms and climate.

I’m confident that I’m as intelligent as many people, but I know that I’m not as intelligent as some. So in the presence of hyperintelligent people, I’m a shrinking violet because I don’t want to look like a fool. I know a little about a lot and a lot about a little.