It is a misfortune of the times that all of us must needs be amateur economists-including, and perhaps especially, the professionals..

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

The investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could vary widely in market ….

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

... the loss of public confidence in the financial community growing out of its own conduct in recent years. I insist that more damage has been done ….

there is a tendency in part of Wall Street people to pay excessive attention to the most recent figures and the present financial picture..

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

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 informati….

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

you may take it as an axiom that you cannot profit in Wall Street by continuously doing the obvious or the popular thing.

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….

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..

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

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

Individuals who cannot master their emotions are ill-suited to profit from the investment process..

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

Wall Street people learn nothing and forget everything..

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….

Why should the cotton growers suffer if there is shortage of wheat?.

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..

The intelligent investor is likely to need considerable will power to keep from following the crowd..