“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.”

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.

To establish the right price for a stock, the market must have adequate information, but it by no means follows that is the market has this information it will thereupon establish the right price.

The money cost of the reservoir plan literally fades into insignificance when it is compared with the financial burden which the great depression imposed on the nation.

A great company is not a great investment if you pay too much for the stock.

An investor calculates what a stock is worth, based on the value of its businesses.

Faith does not ignore the facts, it ignores the power of the facts.

Welcome to prekindergarten! You will not die if you discover that there are more lines out there than just your own. In fact, you’ll discover that you will have an advantage if you know more of them!

In fact, I might be confident for the human race because of what the human race has given me. When I was in the street and bars, people always came up to me and said, “Don’t stop, keep going.”

What gave transcendent importance to the aggressiveness of power was the fact that its natural prey, its necessary victim, was liberty, or law, or right.

I know that New York is big, there are huge buildings, but in fact, it’s quite small and contained.

The fact that the ministerial conspiracy against liberty had risen from corruption was of the utmost importance to the colonists.

There is nothing better to display the truth in an excellent light, than a clear and simple statement of facts.

The fact that we don’t read more books in America can be traced squarely to the fact that we have newspapers that are about a hundred times as big as the newspapers anywhere else.