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 persuasi….

The purchase of a bargain issue presupposes that the market's current appraisal is wrong, or at least that the buyer's idea of value is more likely t….

Do not let anyone else run your business.

The most realistic distinction between the investor and the speculator is found in their attitude toward stock-market movements. The speculator's pri….

The determining trait of the enterprising (or active, or aggressive) investor is his willingness to devote time and care to the selection of securiti….

Undervaluations caused by neglect or prejudice may persist for an inconveniently long time, and the same applies to inflated prices caused by over-en….

Diversification is an established tenet of conservative investment..

It always seemed, and still seems, ridiculously simple to say that if one can acquire a diversified group of common stocks at a price less than the a….

Most businesses change in character and quality over the years, sometimes for the better, perhaps more often for the worse. The investor need not wat….

The world has not learned the technique of balanced expansion without the resultant commercial and financial congestion..

The thing that I have been emphasizing in my own work for the last few years has been the group approach. To try to buy groups of stocks that meet so….

Abnormally good or abnormally bad conditions do not last forever..

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

The people of the United States will not tolerate another deep depression that arises not from any lack of natural resources, productive capacity or ….

The sillier the market's behavior, the greater the opportunity for the business like investor..

The investor is neither smart not richer when he buys in an advancing market and the market continues to rise. That is true even when he cashes in a ….

Speculators often prosper through ignorance; it is a cliché that in a roaring bull market knowledge is superfluous and experience is a handicap. But ….

THERE is widespread agreement among economists that abuse of credit constitutes one of the chief unwholesome elements in business booms and is mainly….

The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks..

We have been trying to point out that this concept of an indefinitely favorable future is dangerous, even if it is true; because even if it is true y….

A great company is not a great investment if you pay too much for the stock..