“Instead of passing blithely over into that Promised Land, flowing almost literally with milk and honey, it may be our destiny to wander a full 40 years or more in the wilderness of doubt and divided sentiments.”

It is no difficult trick to bring a great deal of energy, study, and native ability into Wall Street and to end up with losses instead of profits. These virtues, if channeled in the wrong directions, become indistinguishable from handicaps.

It must be fundamentally wrong to reduce production of food and fiber while one-third of our population is still ill fed and ill clothed.

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

There is a close logical connection between the concept of a safety margin and the principle of diversification.

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.

As the bee collecteth honey with great zest, so the fool collecteth wealth.

Food serves two parallel purposes: it nourishes and it helps you remember. Eating and storytelling are inseparable-the saltwater is also tears; the honey not only tastes sweet, but makes us think of sweetness; the matzo is the bread of our affliction.

Turn all things to honey; this is the law of divine living.

The fly that touches honey cannot use it’s wings; so too the soul that clings to spiritual sweetness ruins it’s freedom and hinders contemplation.

If others hurl their darts against you, offer them milk and honey in return; if they poison your lives, sweeten their souls.

Every epigram should resemble a bee; it should have sting, honey, and brevity.

This brown body is not an explosion- it is light and honey.

To the honey I said, You don’t know what it is to be made of so much goodness, yet in a hollow be so hidden.