“The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.”

If I have noticed anything over these 60 years on Wall Street, it is that people do not succeed in forecasting what`s going to happen to the stock market.

The volume of credit depends upon three factors: the desire to borrow, the ability to lend and the desire to lend.

We urge the beginner in security buying not to waste his efforts and his money in trying to beat the market. Let him study security values and initially test out his judgment on price versus value with the smallest possible sums.

The thing that I have been emphasizing in my own work for the last few years has been the group approach. To try to buy groups of stocks that meet some simple criterion for being undervalued-regardless of the industry and with very little attention to the individual company.

In the old legend the wise men finally boiled down the history of mortal affairs into a single phrase: ‘This too will pass.’

Nearly everyone interested in common stocks wants to be told by someone else what he thinks the market is going to do. The demand being there, it must be supplied.

While enthusiasm may be necessary for great accomplishments elsewhere, on Wall Street it almost invariably leads to disaster

Losing some money is an inevitable part of investing, and there’s nothing you can do to prevent it. But to be an intelligent investor, you must take responsibility for ensuring that you never lose most or all of your money.

THERE is widespread agreement among economists that abuse of credit constitutes one of the chief unwholesome elements in business booms and is mainly responsible for the ensuing crash and depression.

Experience teaches that the time to buy stocks is when their price is unduly depressed by temporary adversity. In other words, they should be bought on a bargain basis or not at all.

It’s nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.

The qualitative factors upon which most stress is laid are the nature of the business and the character of the management. These elements are exceedingly important, but they are also exceedingly difficult to deal with intelligently.

The value of any investment is, and always must be, a function of the price you pay for it.

Stocks can be dynamite.

I quickly convinced myself that the true key to material happiness lay in a modest standard of living which could be achieved with little difficulty under almost all economic conditions.

Before you invest, you must ensure that you have realistically assessed your probability of being right and how you will react to the consequences of being wrong.

All men are ordinary men; the extraordinary men are those who know it.

The greatest political storm flutters only a fringe of humanity. But an ordinary man and an ordinary woman and their ordinary children literally alter the destiny of nations.

One machine can do the work of fifty ordinary men. No machine can do the work of one extraordinary man.

The major work of the world is not done by geniuses. It is done by ordinary people, with balance in their lives, who have learned to work in an extraordinary manner.

Just keep taking the next step and keep having excellence in the ordinary.

Rejoicing in ordinary things is not sentimental or trite. It actually takes guts. Each time we drop our complaints and allow everyday good fortune to inspire us, we enter the warrior’s world.

Appreciate everything, even the ordinary. Especially the ordinary.

At no time are people so sedulously careful to keep their trifling appointments, attend to their ordinary occupations, and thus put a commonplace aspect on life, as when conscious of some secret that if suspected would make them look monstrous in the general eye.