“Though business conditions may change, corporations and securities may change, and financial institutions and regulations may change, human nature remains the same.”

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.

In the last 5 years I’ve been working with the LAPD, training police officers in first aid and CPR.

I will not step down, I will not resign, … I will work to the end of my term in office under the constitution. In the year 2000, there will be presidential elections under the constitution and I will not run in those elections.

Then the Lord said, “This is the year of crazy, substantial hope.” Then I saw many sitting around the Table of the Lord whom He was about to address. There was such communion, love, and honor. Then the Lord took His place at the Table.

Listen Columbo you’re mad because your money come slow And what you make in a year I make in one show

To go to work every day for two years, that was life changing.

Now, I’ve gotten to the point in my career, I’m 13 years in, to where I know that I’m funny. I know that I’m good at this.

The Russians have held my title for ten years and they’re going to be in for it when I win the Championship. They’re going to have to wait and play under my conditions.

Over the years my mother’s steadfast faith in God has inspired me, particularly when I had to perform extremely difficult surgical procedures or when I found myself faced with my own medical scare.