An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.
Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.
The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.
Individuals who cannot master their emotions are ill-suited to profit from the investment process.
The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.
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.
We define a bargain issue as one which, on the basis of facts established by analysis, appears to be worth considerably more that it is selling for.
Never buy a stock because it has gone up or sell one because it has gone down.
The value of any investment is, and always must be, a function of the price you pay for it.
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 intelligent investor is a realist who sells to optimists and buys from pessimists.
Successful investing is about managing risk, not avoiding it.
To establish the right price for a stock, the market must have adequate information, but it by no means follows that is the market has this information it will thereupon establish the right price.
Real investment risk is measured not by the percent that a stock may decline in price in relation to the general market in a given period, but by the danger of a loss of quality and earnings power through economic changes or deterioration in management.
A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.
Although there are good and bad companies, there is no such thing as a good stock; there are only good stock prices, which come and go.
An investor calculates what a stock is worth, based on the value of its businesses.
Always buy your straw hats in the Winter.
A great company is not a great investment if you pay too much for the stock.
In the short run, the market is a voting machine, but in the long run it is a weighing machine.