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….

It is no difficult trick to bring a great deal of energy, study, and native ability into Wall Street and to end up with losses instead of profits. Th….

I am more and more impressed with the possibilities of history's repeating itself on many different counts. You don't get very far in Wall Street wit….

Never buy a stock because it has gone up or sell one because it has gone down..

There is a close logical connection between the concept of a safety margin and the principle of diversification..

The underlying principles of sound investment should not alter from decade to decade, but the application of these principles must be adapted to sign….

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

The investor's chief problem - and even his worst enemy - is likely to be himself..

Before you place your financial future in the hands of an adviser, it's imperative that you find someone who not only makes you comfortable but whose….

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

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….

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

A speculator gambles that a stock will go up in price because somebody else will pay even more for it..

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….

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"..

Confusing speculation with investment is always a mistake..

The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard..

High valuations entail high risks..

Even with a margin of safety in the investor's favor, an individual security may work out badly. For the margin guarantees only that he has a better ….

The money cost of the reservoir plan literally fades into insignificance when it is compared with the financial burden which the great depression imp….

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….