“Always buy your straw hats in the Winter”

Every corporate security may be best viewed, in the first instance, as an ownership interest in, or a claim against, a specific business enterprise.

The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.

Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.

Price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal.

Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it.

Both individual skill (art) and chance are important factors in determining success or failure.

Buy not on optimism, but on arithmetic.

To have a true investment, there must be a true margin of safety. And a true margin of safety is one that can be demonstrated by figures, by persuasive reasoning, and by reference to a body of actual experience.

The investor who permits himself to be stampeded or unduly worried by unjustified market declines in his holdings is perversely transforming his basic advantage into a basic disadvantage.

The Reservoir system will function not only as an equalizer of business conditions, but also as a national store to meet further emergencies, such as war and drought, and-most important of all-as the concrete means of developing a steadily higher living standard for all.

High valuations entail high risks.

Most businesses change in character and quality over the years, sometimes for the better, perhaps more often for the worse. The investor need not watch his companies’ performance like a hawk; but he should give it a good, hard look from time to time.

It requires strength of character in order to think and to act in opposite fashion from the crowd and also patience to wait for opportunities that may be spaced years apart.

The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.

Wall Street has a few prudent principles; the trouble is that they are always forgotten when they are most needed.

Calculate a stock’s price/earnings ratio yourself, using Graham’s formula of current price divided by average earnings over the past three years.

I really take my hat off to anybody that steps in the ring because it’s so hard – you’re competing against your friends, and you’re working in front of an audience who tells you exactly what they’re thinking.

A new artist today has to get their teeth fixed, has to tighten their jeans up, and they have to get ’em the right kind of hat, and if anything’s wrong with their nose, if it’s a little crooked, it’s got to be straightened up.

Hang on to your hat. Hang on to your hope. And wind the clock, for tomorrow is another day.

Of the authors writing in English, I’d mention Shakespeare and Milton. But all this is terribly high-hat and makes me sound very po-faced, I’m afraid; however, I just happen to like these enormous, swinging, great creatures.

I was so wrinkled I could screw my hats on.

When I see old movies with women in floor-length dressing gowns, or when they’re going to the store and they’ve got a pillbox hat with a net over the eyes and white gloves,

I’ll never forget the time my mother showed up with her best friend and two daughters, and all four of us dressed up in matching clothes, shoes and hats to go pick up my brother from school.

My hats did give me an identity. In fact, if I had a dollar for every time someone has seen me bareheaded and said, ‘I almost didn’t recognize you without a hat on’, I could have bought the Cowboys myself.