“Even the most conservative must realize that the recent transformation of surplus from an individual to a national disaster implies a scathing indictment of our capitalist system as it has now developed.”

Speculative stock movements are carried too far in both directions, frequently in the general market and at all times in at least some of the individual issues.

The true investor… will do better if he forgets about the stock market and pays attention to his dividend returns and to the operation results of his companies.

The utility, or intrinsic value of gold as a commodity is now considerably less than in the past; its monetary status has become extraordinarily ambiguous; and its future is highly uncertain.

Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble… to give way to hope, fear and greed.

It is worth pointing out that assuredly not more than one person out of a hundred who stayed in the market after after 1925 emerged from it with a net profit and that the speculative losses taken were appalling.

Rather should we say that the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion.

Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.

No statement is more true and better applicable to Wall Street than the famous warning of Santayana: “Those who do not remember the past are condemned to repeat it”.

No matter how careful you are, the one risk no investor can ever eliminate is the risk of being wrong. Only by insisting on what Graham called the “margin of safety” – never overpaying, no matter how exciting an investment seems to be – can you minimize your odds of error.

Though business conditions may change, corporations and securities may change, and financial institutions and regulations may change, human nature remains the same.

Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.

Investing isn’t about beating others at their game. It’s about controlling yourself at your own game.

By refusing to pay too much for an investment, you minimize the chances that your wealth will ever disappear or suddenly be destroyed.

If I have noticed anything over these 60 years on Wall Street, it is that people do not succeed in forecasting what`s going to happen to the stock market.

The volume of credit depends upon three factors: the desire to borrow, the ability to lend and the desire to lend.

We urge the beginner in security buying not to waste his efforts and his money in trying to beat the market. Let him study security values and initially test out his judgment on price versus value with the smallest possible sums.

The artist is likely to be looked upon with some uneasiness by the more conservative members of society.

Look, I’m a conservative, I’m a very conservative guy, and – and the Trump campaign is making your job over at NBC really, really, really easy in terms of going after conservatives and Republicans if he’s the standard bearer for conservatism.

The Conservative knows that to regard man as part of an undifferentiated mass is to consign him to ultimate slavery.

Essentially, the obligation of conservative media is to question what’s going on, and say, “Is this something that is the right thing to do? Is it something that’s constitutional? Is it something that is even wise to do?” I think that’s true regardless of who’s in power.

To insist on strength … is not war-mongering. It is peace-mongering.

[Criticizing as “appalingly complacent” a Conservative Government report that by the ’60s, Britain would be producing all the scientists needed] Of course we shall.

Whether the flavour of economic advice you like is conservative or liberal, you will find that flavour available from some ‘reputable’ economist, since there is no single standard to which all ‘reputable’ economists must repair.

It was very painful combing my hair. My grand-uncle was a Pentecostal bishop, and he was very strict: our hair couldn’t be permed or straightened. So I just cut it all off.