“It is worth pointing out that assuredly not more than one person out of a hundred who stayed in the market after after 1925 emerged from it with a net profit and that the speculative losses taken were appalling.”

Real investment risk is measured not by the percent that a stock may decline in price in relation to the general market in a given period, but by the danger of a loss of quality and earnings power through economic changes or deterioration in management.

By developing your discipline and courage, you can refuse to let other people’s mood swings govern your financial destiny. In the end, how your investments behave is much less important than how you behave.

Mr. Market’s job is to provide you with prices; your job is to decide whether it is to your advantage to act on them. You no not have to trade with hime just because he constantly begs you to.

In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities.

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

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.

Same with golf: pick up a club. But not many can go out and get in a race car and experience a drive at over 200 miles an hour.

If the Indy Racing League didn’t have the Indianapolis 500, do you think it would have lasted more than six months? No chance.

Let a hundred flowers bloom.

I wanted to have a career that would last a hundred years if possible.

Nothing compares to the Indianapolis 500.

Today, you have 100% of your life left.

When I write a scientific treatise, I might reach 100 people. When the ‘National Geographic’ covers a project, it communicates about plants and fish and underwater technology to more than 10 million people.

Humanity is still advancing; and it will probably continue to advance for hundreds of thousands of years more, always on condition that we know how to keep the same line of advance as our ancestors towards ever greater consciousness and complexity.