“If General Motors is worth $60 a share to an investor it must be because the full common-stock ownership of this gigantic enterprise as a whole is worth 43 million (shares) times $60, or no less than $2,600 million.”

A speculator gambles that a stock will go up in price because somebody else will pay even more for it.

Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.

Successful investment may become substantially a matter of techniques and criteria that are learnable, rather than the product of unique and incommunicable mental powers.

Before you place your financial future in the hands of an adviser, it’s imperative that you find someone who not only makes you comfortable but whose honesty is beyond reproach.

It is a misfortune of the times that all of us must needs be amateur economists-including, and perhaps especially, the professionals.

Diversification is an established tenet of conservative investment.

I am more and more impressed with the possibilities of history’s repeating itself on many different counts. You don’t get very far in Wall Street with the simple, convenient conclusion that a given level of prices is not too high.

The story of Joseph in Egypt and of the seven fat and the seven lean years has passed into the homely wisdom of the ages; but our economic thinking seems to have lost contact with so simple and basic approach to prudent management of a nations welfare.

There is something paradoxical in the fact that by establishing an export market we subject our entire domestic production to the vagaries of that market.

Traditionally the investor has been the man with patience and the courage of his convictions who would buy when the harried or disheartened speculator was selling.

Whenever the investor sold out in an upswing as soon as the top level of the previous well-recognized bull market was reached, he had a chance in the next bear market to buy back at one third (or better) below his selling price.

To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.

The underlying principles of sound investment should not alter from decade to decade, but the application of these principles must be adapted to significant changes in the financial mechanisms and climate.

An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.

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.

Every corporate security may be best viewed, in the first instance, as an ownership interest in, or a claim against, a specific business enterprise.

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.

You see, another reason for nationalization was that private ownership meant fragmentation.

I have been mislabeled as a big advocate of low-income home ownership over rental.

Whoever prefers life to death, happiness to suffering, well-being to misery must defend without compromise private ownership in the means of production.

State ownership! It leads only to absurd and monstrous conclusions; state ownership means state monopoly, concentrated in the hands of one party and its adherents, and that state brings only ruin and bankruptcy to all.

A child free from the guilt of ownership and the burden of economic competition will grow up with the will to do what needs doing and the capacity for joy in doing it. It is useless work that darkens the heart.

Here and now I love you, for the moment you have my heart. But you are entitled to my future, you have no ownership of my past.