“It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.”

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.

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.

Time goes by, reputation increases, ability declines.

Put simply, the church finds itself in a post-Christendom era, and it had better do some serious reflection or face increasing decline and eventual irrelevance.

Many of those who purchased their residence more than a year ago have equity buffers in their homes adequate to withstand any price decline other than a very deep one.

But herein lies the rub: Christianity has been on a long-term trend of decline in every Western cultural context that we can identify.

A decline in the national housing price level would need to be substantial to trigger a significant rise in foreclosures, because the vast majority of homeowners have built up substantial equity in their homes despite large mortgage.

My life is a stairway to heaven, not a ‘decline into decrepitude.

People lucky enough to live in the vicinity of an industrial hog farm are, with each breath, made keenly aware of the cause of their declining property values.

They’re trying to pay for health care and send their kids to college, they’re worried about declining home values, they’re scared for a loved one they have serving in Iraq.