Quotes

Not even the "safest" investment is without some risk and some element of speculation.

There are two principal mistakes that nearly all amateurs in the stock market make. The first is to have an inexact knowledge of the securities in which one is dealing, to know too little about a company's management, its earnings, and prospects for future growth. The second mistake is to trade beyond one's financial resources, to try to run up a fortune on a shoestring.

One could say that my whole career in Wall Street proved one long process of education in human nature.

The strange fascination that the stock market exerts upon people has never ceased being a source of wonder to me.

The stockholder wants both income and appreciation, but in general the more he gets of one the less he realizes of the other.

All experienced investors know that earning power exerts a far more potent influence over stock prices than does property value.

The worth of a business is measured not by what has been put into it, but by what can be taken out of it.

Current earnings, future prospects, management, marketability are all factors more or less independent of assets which contribute their share to the intrinsic value.

Historically, many companies that have had terrible times have come back, or many of them do. A decline doesn't mean it's the end.

I think people trade too much, looking for short-term gains. But I don't think you should hold stocks indefinitely.

We live in a society that changes, so you can't be too strict about the rules you had 40 or 50 years ago. You can't buy stocks on the basis you did then.

We have a stock market which some people use like a gambling parlor.