“The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.”

You must never delude yourself into thinking that you’re investing when you’re speculating.

Both a priori reasoning and experience teach us that as as these funds grow larger the geometrical rate of growth by compound interest ultimately defeats itself.

As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily against him.

Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.

In security analysis the prime stress is laid upon protection against untoward events. We obtain this protection by insisting upon margins of safety, or values well in excess of the price paid.

The investor’s primary interest lies in acquiring and holding suitable securities at suitable prices.

People who invest make money for themselves; people who speculate make money for their brokers. And that, in turn, is why Wall Street perennially downplays the durable virtues of investing and hypes the gaudy appeal of speculation.

We have not known a single person who has consistently or lastingly make money by thus “following the market”. We do not hesitate to declare this approach is as fallacious as it is popular.

An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.

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

If fees consume more than 1% of your assets annually, you should probably shop for another adviser.

Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.

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 defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.

In the short run, the market is a voting machine, but in the long run it is a weighing machine.

Whether we like it or not, government intervention in the face of surplus is here to stay.

They who can give up essential liberty to obtain a little temporary safety deserve neither liberty nor safety.

Any real change implies the breakup of the world as one has always known it, the loss of all that gave one an identity, the end of safety.

The things that will destroy America are prosperity at any price, peace at any price, safety first instead of duty first and love of soft living and the get-rich-quick theory of life.

Safety and security don’t just happen, they are the result of collective consensus and public investment. We owe our children, the most vulnerable citizens in our society, a life free of violence and fear.

People developed planes first and then took care of flight safety. If people were focused on safety first, no one would ever have built a plane.

Self-driving cars are the natural extension of active safety and obviously something we should do.

The hour is fast approaching, on which the Honor and Success of this army, and the safety of our bleeding Country depend.

I believe governments should take a more active role around important issues like balancing expression and safety.