“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.”

The value of any investment is, and always must be, a function of the price you pay for it.

Stocks can be dynamite.

I quickly convinced myself that the true key to material happiness lay in a modest standard of living which could be achieved with little difficulty under almost all economic conditions.

Before you invest, you must ensure that you have realistically assessed your probability of being right and how you will react to the consequences of being wrong.

The intelligent investor gets interested in big growth stocks not when they are at their most popular – but when something goes wrong.

The ideal form of common stock analysis leads to a valuation of the issue which can be compared with the current price to determine whether or not the security is an attractive purchase.

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.

Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise.

1 billion of excess cash flow coverage through 2017 and the Access cash flows, along with our major new fee based projects continue to dramatically reduce exposure to commodity prices.

Studios are used to have an investment in you, an actual, literal investment in an actor. You paid them some money, you had a contract with them and you were almost like a commodity.

I believe everybody is creative, and everybody is talented.

I just don’t think that everybody is disciplined. I think that’s a rare commodity.

Peace is the most valuable commodity. And it’s free!

“Global culture” is of course not a culture: it’s the global marketing and imposing of commodities and images for the interests of the few at the expense of the many.

Common sense is the most widely shared commodity in the world, for every man is convinced that he is well supplied with it.