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

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.

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.

She (a woman politician) will be challenging a system that is still wedded to militarism and that saves billions of dollars a year by underpaying women and using them as a reserve cheap labor supply

We must turn the greatest collective challenge facing humankind today – climate change – into the greatest opportunity for common progress towards a sustainable future.

I am confident that we will meet whatever challenges the future may bring.

As a company grows, communication becomes its biggest challenge.

The present challenge to the photographer is to express inner significance through outward form.

For me life is a challenge. And it will be a challenge if I live to be 100 or if I get to be a trillionaire.

Climate change…is, simply, the greatest collective challenge we face as a human family.

I’d like to meet a lovely man who shares my interests. On the other hand, I possibly will not. It’s part of the hand you’re dealt. It’s a challenge-and I’m not atypical.