“Margin of Safety” as the Central Concept of Investment, The Intelligent Investor. Value Investing.

"Growth is always a component in the calculation of value,.."— Warren Buffett, Letter to SH (1992).

"Portfolio concentration may well decrease risk if it..."— Warren Buffett, Berkshire Hathaway (1993)

"Ships will sail around the world but the Flat Earth Society will flourish."— Warren Buffett (1984).

"A sound intellectual framework for making decisions and the ability to..."— Warren Buffett (1986)

"A roadmap for investing that I have now been following for 57 years."— Warren Buffett (2008).

"This is truly Alice in Wonderland."— Warren Buffett, Columbia Business School (1984).

The Intelligent Investor quotes. Benjamin Graham. Margin of Safety. Intrinsic Value. Value Investing

Berkshire Hathaway - Letters to Shareholders quotes (and The Intelligent Investor / Value Investing)

Benjamin Graham quotes. The Intelligent Investor. Value Investing. Margin of Safety. Intrinsic Value

"Inactivity strikes us as intelligent behavior."— Warren Buffett, Letter to Shareholders (1996).

"Analysis is concerned primarily with... the facts and not... upon expectations."— Benjamin Graham

The Intelligent Investor quotes. "The underlying principles of sound investment should not alter..."

"Growth is always a component in the calculation of value..."— Warren Buffett, Letter to SH (1992).

"To achieve satisfactory investment results is easier than most people realize..."— Benjamin Graham

"The margin of safety... will be large at one price, small at some higher price..."— Benjamin Graham

"As Ben [Graham] said: In the short run, the market is a voting machine but in..." — Warren Buffett.

"The more manic-depressive [Mr. Market] is, the greater the.."— Warren Buffett, Letter to SH (1993).

"He will do better if he forgets about the stock market and pays...."— The Intelligent Investor.

"If you are a know-something investor... conventional..."— Warren Buffett, Letter to SH (1993).

"The exploitation of special situations is a technical branch of..."— The Intelligent Investor.

"We should advise against the usual type of growth-stock commitment for.."— The Intelligent Investor

"The determination of the future prospects of an enterprise, have received...."— Benjamin Graham

"It's only when the tide goes out that you learn who's been swimming naked."— Warren Buffett (1992).

"The investor who permits himself to be stampeded... by unjustified..." — The Intelligent Investor.

"It appears to be almost impossible to distinguish in advance between those..."— Benjamin Graham

"Characteristic that likes to make easy things difficult."— Warren Buffett, Graham-and-Doddsville.

"An army of manic-depressive lemmings."— Warren Buffett, Letter to Shareholders (1982).

"The true investor welcomes volatility. Ben Graham explained.."— Warren Buffett, Letter to SH (1993)

"No individual lemming has ever received bad press."— Warren Buffett, Letter to Shareholders (1984).

"The qualitative approach.. emphasizes... nonmeasurable, albeit highly.."— The Intelligent Investor.

"Future projections are of little interest to us..."— Warren Buffett, Berkshire Hathaway (1987).

"Geared to day-to-day trading... the typical firm... tries hard to...."— The Intelligent Investor.

"The rear-view mirror is always clearer than the windshield."— Warren Buffett, Letter to SH (1991).

The Intelligent Investor quotes. "The experts do not have dependable ways of selecting and..."

"You are neither right nor wrong because the crowd disagrees with you. You are right..."— Ben Graham

"We were not willing to accept the prospects and promises of the...."— The Intelligent Investor.

"Lethargy bordering on sloth remains the cornerstone of our investment style." — Warren Buffett.

An investment... is one which... promises safety of principal and an adequate return."— Ben Graham

"An investment operation is one which promises safety of principal and...."— Benjamin Graham.

"Asking others... how to make money... has some element of naïveté" — The Intelligent Investor.

"those engaged... don’t appear to know... one part of their anatomy from another."— Benjamin Graham

satisfactory investment results... easier than most... realize... superior results... harder than...

"Obvious prospects for physical growth in a business do not translate into obvious..."— Ben Graham

"In.. securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment"

"The investor need not watch his companies’ performance like a hawk..."— The Intelligent Investor

Operations for profit should be based not on optimism but on arithmetic. — Benjamin Graham

"Difference between price... and indicated or appraised value... is the safety margin."— Ben Graham

"It is no difficult trick to bring a great.." — Benjamin Graham, Chapter 1, The Intelligent Investor

"Those who do not remember the past are condemned to repeat it." — Santayana (quoted by Ben Graham)

The governing maxim of the Rothschilds: “Buy cheap and sell dear.” (from The Intelligent Investor)

"Many shall be restored that now are fallen and many shall fall.." — Horace (quoted by Ben Graham)

"Investment is most intelligent when it is most businesslike".— Ben Graham, The Intelligent Investor

"Medius tutissimus ibis. You will go safest in the middle course."— Ovid (as quoted by Ben Graham)

"The rate of return sought should be dependent on the amount of intelligent effort"— Benjamin Graham

"If and when trouble should come, the owner of foreign obligations has no legal..."— Benjamin Graham

"requires strength of character in order to think and to act in opposite fashion.."— Benjamin Graham

"neither right nor wrong because the crowd disagrees... right because data and reasoning are right."

"While enthusiasm may be necessary for..." — Benjamin Graham, Introduction, The Intelligent Investor

Benjamin Graham, “Margin of Safety” as the Central Concept of Investment, The Intelligent Investor.

"Through chances various, through all vicissitudes, we make our way..." — Aeneid (quoted by Graham)

“All things excellent are as difficult as they are rare.”— Spinoza (as quoted by Benjamin Graham)

The price of a security is frequently an essential element so that a stock may have investment merit

While enthusiasm may be necessary for great accomplishments elsewhere on Wall Street it almost

"Individuals who cannot master their emotions...” — Benjamin Graham (unverified).

To achieve satisfactory investment results is easier than most people realize. To achieve superior

There has developed the general notion that the rate of return which the investor should aim for is

Investment is most intelligent when it is most business-like.

To distill the secret of sound investment into three words, we venture the motto Margin of Safety

You are neither right nor wrong because the crowd disagrees with you.

Objective tests of managerial ability are few and far from scientific.

Operations for profit should be based not on optimism but on arithmetic.

Selling short a too popular and therefore overvalued issue is apt to be a test not only of...

Obvious prospects for physical growth in a business do not translate into obvious profits for

An investment operation is one which upon thorough analysis promises safety of principal and...

A favorable difference between price on the one hand and indicated or appraised value on the other.

The true investor scarcely ever is forced to sell his shares

Obviously, it requires strength of character in order to think and to act in opposite fashion from..

The underlying principles of sound investment should not alter from decade to decade.

The margin of safety is always dependent on the price paid. It will be large at one price, small at

The exploitation of special situations is a technical branch of investment which requires a somewhat

Basically, price fluctuations have only one significant meaning for the true investor.

Don't appear to know in polite terms one part of their anatomy from another.

Buy cheap and sell dear.

No statement is more true and better applicable to Wall Street than the famous warning of...

Spinoza's concluding remark applies to Wall Street as well as to philosophy. All things excellent..

As Horace says, "Many shall be restored that now are fallen, and many shall fall that..."

Ovid summed up Phoebus Apollo’s counsel in three words:Medius tutissimus ibis

As the Aeneid says, through chances various, through all vicissitudes we make our way.

"You can’t produce a baby in one month by getting nine women pregnant."— Warren Buffett (1985).

"We try to price, rather than time, purchases."— Warren Buffett, Letter to Shareholders (1994).

"We simply attempt to be fearful when others are greedy and to be greedy..."— Warren Buffett (1986)

The crowd described by William Winwood Reade and Herman Melville (Graham and Buffett in description)

"Those who read their Graham & Dodd will continue to prosper."— Warren Buffett, Columbia NYC (1984).

"This is truly Alice in Wonderland."— Warren Buffett, Columbia Business School (1984).

You never forget the one who made it all possible...

"Always-clean, rear-view mirror... windshield... invariably fogged."— Warren Buffett, Letter (2004).

"You can’t produce a baby in one month by getting nine women pregnant."— Warren Buffett (1985).