“The underlying principles of sound investment should not alter from decade to decade, but the application of these principles must be adapted to significant changes in the financial mechanisms and climate.”
“The individual investor should act consistently as an investor and not as a speculator.”
“If you are shopping for common stocks, choose them the way you would buy groceries, not the way you would buy perfume.”
“Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety.”
“In the short run, the market is a voting machine, but in the long run it is a weighing machine.”
“Buy not on optimism, but on arithmetic.”
“As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily against him.”
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