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

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.

For 99 issues out of 100 we could say that at some price they are cheap enough to buy and at some price they would be so dear that they would be sold.

In the short-run, the market is a voting machine – reflecting a voter-registration test that requires only money, not intelligence or emotional stability – but in the long- run, the market is a weighing machine.

The essence of investment management is the management of risks, not the management of returns.

Knowledge is only one ingredient on arriving at a stock’s proper price. The other ingredient, fully as important as information, is sound judgment.

Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.

To see how much a company is truly earning on the capital it deploys in its businesses, look beyond EPS to Return on Invested Capital (ROIC).

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.

The best way to measure your investing success is not by whether you’re beating the market but by whether you’ve put in place a financial plan and a behavioral discipline that are likely to get you where you want to go.

The investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could vary widely in market price in response to changes in interest rates.

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.

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

The intelligent investor shouldn’t ignore Mr. Market entirely. Instead, you should do business with him- but only to the extent that it serves your interests.

Individuals who cannot master their emotions are ill-suited to profit from the investment process.

If you are shopping for common stocks, choose them the way you would buy groceries, not the way you would buy perfume.

Successful investing is about managing risk, not avoiding it.

The further you get away from yourself, the more challenging it is. Not to be in your comfort zone is great fun.

Embrace each challenge in your life as an opportunity for self-transformation.

I was made to be where I’m at. I just had to go through some challenges, so that I can educate others later.

Totalitarian rule marks the sharpest contrast imaginable with political rule, and ideological thinking is an explicit and direct challenge to political thinking.

Now, we are seeing many of these same companies face the truth about their financial standing. Congress is faced with the challenge of reforming our accounting industry and holding corporate executives responsible for their actions.

To portray a maniac offers a compelling challenge.

The most complex challenge for an actor is the ability to give dimension to the story from the time that it happened, not from the present.

Academic freedom is being lost by a great many people who dare to challenge Darwinism. That’s a terrifying situation. That’s contrary to the principles of science.