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

I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities.

The idea of storage as a solution of economic problems at least has the support of common sense.It is diametrically opposed to the topsy-turvy Alice-in-Wonderland reasoning that has marked so much of our depression thinking and policy.

In the financial markets, hindsight is forever 20/20, but foresight is legally blind. And thus, for most investors, market timing is a practical and emotional impossibility.

… the loss of public confidence in the financial community growing out of its own conduct in recent years. I insist that more damage has been done to stock values and to the future of equities from inside Wall Street than from outside Wall Street.

It is no difficult trick to bring a great deal of energy, study, and native ability into Wall Street and to end up with losses instead of profits. These virtues, if channeled in the wrong directions, become indistinguishable from handicaps.

It must be fundamentally wrong to reduce production of food and fiber while one-third of our population is still ill fed and ill clothed.

The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.

There is a close logical connection between the concept of a safety margin and the principle of diversification.

You must never delude yourself into thinking that you’re investing when you’re speculating.

Both a priori reasoning and experience teach us that as as these funds grow larger the geometrical rate of growth by compound interest ultimately defeats itself.

As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily against him.

Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.

In security analysis the prime stress is laid upon protection against untoward events. We obtain this protection by insisting upon margins of safety, or values well in excess of the price paid.

The investor’s primary interest lies in acquiring and holding suitable securities at suitable prices.

People who invest make money for themselves; people who speculate make money for their brokers. And that, in turn, is why Wall Street perennially downplays the durable virtues of investing and hypes the gaudy appeal of speculation.

We have not known a single person who has consistently or lastingly make money by thus “following the market”. We do not hesitate to declare this approach is as fallacious as it is popular.

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

Total surrender to the demands of the human spirit: be attentive, be intelligent, be reasonable, be responsible, be in love.

Buy not on optimism, but on arithmetic.

Many well-meaning intelligent people have argued since the May 17, 1954, decision of the United States Supreme Court outlawing segregation in the public schools that communication between the races has broken down.

The intelligent investor is a realist who sells to optimists and buys from pessimists.

For me, I’ve always believed that there was a God. I’ve always believed that God created the heavens and earth – so, for me it’s not a huge leap from there to intelligent design.

Investing is most intelligent when it is most businesslike.

Intelligent investment is more a matter of mental approach than it is of technique. A sound mental approach toward stock fluctuations is the touchstone of all successful investment under present-day conditions.