“In the short run, the market is a voting machine, but in the long run it is a weighing machine.”

People who invest make money for themselves; people who speculate make money for their brokers. And that, in turn, is why Wall Street perennially downplays the durable virtues of investing and hypes the gaudy appeal of speculation.

We have not known a single person who has consistently or lastingly make money by thus “following the market”. We do not hesitate to declare this approach is as fallacious as it is popular.

An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.

It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.

If fees consume more than 1% of your assets annually, you should probably shop for another adviser.

Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.

If General Motors is worth $60 a share to an investor it must be because the full common-stock ownership of this gigantic enterprise as a whole is worth 43 million (shares) times $60, or no less than $2,600 million.

A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.

Whether we like it or not, government intervention in the face of surplus is here to stay.

Stock speculation is largely a matter of A trying to decide what B, C and D are likely to think-with B, C and D trying to do the same.

The modern world is not geared properly to the storage of goods.

Many progressive economists insist that gold is now in essentially the same position as silver and that the arguments the simon-pure gold advocates use against the white metal can be directed with equal effect against their own fetish.

The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.

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.

To endow clock time with numinous meaning [is] hardly a fit occupation for an intelligent person.

Like the air we breathe or like the passage of time, is central to our existence as intelligent beings.

Having an intelligent secretary does not get rid of the need to read, write, and draw, etc.

Invaluable….the best one-stop source I’ve seen for what various officials actually said at various times, suffused with intelligent analysis.

Why is it always the “intelligent” people who are socialists?

The world holds two classes of men; intelligent men without religion, and religious men without intelligence.

We are all more intelligent than we are capable, and awareness of the insanity of love has never saved anyone from the disease.

There are two kinds of humans – the intelligent, who have no religion, and the religious, who have no intellect.