“Speculative stock movements are carried too far in both directions, frequently in the general market and at all times in at least some of the individual issues.”

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.

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.

The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.

Wall Street has a few prudent principles; the trouble is that they are always forgotten when they are most needed.

The memory of the financial community is proverbially and distressingly short.

The sillier the market’s behavior, the greater the opportunity for the business like investor.

Never mingle your speculative and investment operations in the same account nor in any part of your thinking.

Although there are good and bad companies, there is no such thing as a good stock; there are only good stock prices, which come and go.

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.

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