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

At heart, “uncertainty” and “investing” are synonyms.

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.

We define a bargain issue as one which, on the basis of facts established by analysis, appears to be worth considerably more that it is selling for.

The defensive (or passive) investor will place chief emphasis on the avoidance of serious mistakes or losses. His second aim will be freedom from effort, annoyance, and the need for making frequent decisions.

Even the most conservative must realize that the recent transformation of surplus from an individual to a national disaster implies a scathing indictment of our capitalist system as it has now developed.

A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.

Do not let anyone else run your business

Never buy a stock because it has gone up or sell one because it has gone down.

It is absurd to think that the general public can ever make money out of market forecasts.

It is a fact worth pondering that four centuries ago the evil of “an abundance or surplus” arose from its being kept off the market, while today the evil of surplus lies in its being thrown upon the market.

The stock market resembles a huge laundry in which institutions take in large blocks of each others washing … without rhyme or reason.

To establish the right price for a stock, the market must have adequate information, but it by no means follows that is the market has this information it will thereupon establish the right price.

The money cost of the reservoir plan literally fades into insignificance when it is compared with the financial burden which the great depression imposed on the nation.

A great company is not a great investment if you pay too much for the stock.

An investor calculates what a stock is worth, based on the value of its businesses.

The only thing you should do with pro forma earnings is ignore them.

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

An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.

In the short run, the market is a voting machine, but in the long run it is a weighing machine.

I think the right to read, is one of our inherent rights, and I think that people in America today are intelligent enough to decide for themselves what they want to read. Without being told, by self-appointed people, you must not read this, or you cannot read this.

I am drawn to roles that are strong, intelligent, and a little edgy.

Losing some money is an inevitable part of investing, and there’s nothing you can do to prevent it. But to be an intelligent investor, you must take responsibility for ensuring that you never lose most or all of your money.

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.