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 defensive (or passive) investor will place chief emphasis on the avoidance of serious mistakes or losses. His second aim will be freedom from eff….

The most striking thing about Graham's discussion of how to allocate your assets between stocks and bonds is that he never mentions the word "age"..

The margin of safety is always dependent on the price paid. It will be large at one price, small at some higher price, nonexistent at some still hig….

Cartels have spread and will spread as long as the world lacks an effective mechanism by which balanced expansion may be achieved without a resulting….

Though business conditions may change, corporations and securities may change, and financial institutions and regulations may change, human nature re….

The existence of such a war chest might go far to strengthen our prestige and frighten off any would be assailant..

Knowledge is only one ingredient on arriving at a stock's proper price. The other ingredient, fully as important as information, is sound judgment..

Even the most conservative must realize that the recent transformation of surplus from an individual to a national disaster implies a scathing indict….

In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand..

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 ma….

Successful investment may become substantially a matter of techniques and criteria that are learnable, rather than the product of unique and incommun….

It is absurd to think that the general public can ever make money out of market forecasts..

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..

Whenever the investor sold out in an upswing as soon as the top level of the previous well-recognized bull market was reached, he had a chance in the….

In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordanc….

The intelligent investor shouldn't ignore Mr. Market entirely. Instead, you should do business with him- but only to the extent that it serves your i….

Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before..

By developing your discipline and courage, you can refuse to let other people's mood swings govern your financial destiny. In the end, how your inves….

Wall Street people learn nothing and forget everything..

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