“There is something paradoxical in the fact that by establishing an export market we subject our entire domestic production to the vagaries of that market.”

While enthusiasm may be necessary for great accomplishments elsewhere, on Wall Street it almost invariably leads to disaster

Losing some money is an inevitable part of investing, and there’s nothing you can do to prevent it. But to be an intelligent investor, you must take responsibility for ensuring that you never lose most or all of your money.

THERE is widespread agreement among economists that abuse of credit constitutes one of the chief unwholesome elements in business booms and is mainly responsible for the ensuing crash and depression.

Experience teaches that the time to buy stocks is when their price is unduly depressed by temporary adversity. In other words, they should be bought on a bargain basis or not at all.

It’s nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.

The qualitative factors upon which most stress is laid are the nature of the business and the character of the management. These elements are exceedingly important, but they are also exceedingly difficult to deal with intelligently.

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.

This I know for a fact: the reason African women have children is so that there’s someone else to do the housework.

Renunciation – that is the great fact we all, individuals and classes, have to learn. In trying to avoid it we bring misery to ourselves and others.

My wife is the fact-checker, I’m in the story telling business.

First of all, I’d like to say here the fact that I’m not naturally a craftsman has made me work very hard.

We can rarely see things from the point of view of another person because we look at the facts through the screen of an impression or an interest which distorts our view; and then there are accusations, quarrels and misunderstandin.

I took up leprosy work. Not to help anyone, but to overcome that fear in my life. That it worked out good for others was a by-product. But the fact is: I did it to overcome fear.

First and foremost, Tendulkar is an entertainer and that for me is as important factor as any fact or figure.

Knowledge is knowing a fact, wisdom is knowing what to do with that fact.