“Undervaluations caused by neglect or prejudice may persist for an inconveniently long time, and the same applies to inflated prices caused by over-enthusiasm or artificial stimulants.”

Intelligent investment is more a matter of mental approach than it is of technique. A sound mental approach toward stock fluctuations is the touchstone of all successful investment under present-day conditions.

There is no reason to feel any shame in hiring someone to pick stocks or mutual funds for you. But there’s one responsibility that you must never delegate. You, and no one but you, must investigate whether an adviser is trustworthy and charges reasonable fees.

When somebody asserts that a stock has an earning power of so much, I am sure that the person who hears him doesn’t know what he means, and there is a good chance that the man who uses it doesn’t know what it means.

Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety.

Even defensive portfolios should be changed from time to time, especially if the securities purchased have an apparently excessive advance and can be replaced by issues much more reasonable priced.

The purpose of this book is to supply, in the form suitable for laymen, guidance in the adoption and execution of an investment policy.

The investor’s chief problem – and even his worst enemy – is likely to be himself.

Always buy your straw hats in the Winter

Those with the enterprise lack the money and those with the money lack the enterprise to buy stocks when they are cheap.

The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.

The people of the United States will not tolerate another deep depression that arises not from any lack of natural resources, productive capacity or man and brain power, but solely from imperfections in the functioning of the system of finance capitalism.

Confusing speculation with investment is always a mistake.

The market is a pendulum that forever swings between unsustainable optimism (which makes stocks too expensive) and unjustified pessimism (which makes them too cheap). The intelligent investor is a realist who sells to optimists and buys from pessimists.

Wall Street people learn nothing and forget everything.

The best values today are often found in the stocks that were once hot and have since gone cold.

Thus the important and difficult part of sound investment, which hinges upon the investor’s own temperament and attitude, is not much affected by the passing years.

Enthusiasm is the DNA of making things happen.

Revolutions usually start with enthusiasm and end in tears.

As long as I can do something that I am passionate about and that I can really enjoy and the audience can enjoy. That is where my enthusiasm comes from.

Holiness does not consist in mystic speculations, enthusiastic fervours, or uncommanded austerities; it consists in thinking as God thinks, and willing as God wills.

Practice sharing the fullness of your being, your best self, your enthusiasm, your vitality, your spirit, your trust, your openness, above all, your presence. Share it with yourself, with your family, with the world.

Positive thinking is how you think about a problem. Enthusiasm is how you feel about a problem. The two together determine what you do about a problem.

But I know also that still more interesting discoveries will be made that I have not the imagination to describe – and I am awaiting them, full of curiosity and enthusiasm.

Men will gather knowledge no matter what the consequences. Science will go on whether we are pessimistic or optimistic, as I am. More interesting discoveries than we can imagine will be made, and I am awaiting them, full of curiosity and enthusiasm.