The Stock Market is designed to transfer money from the Active to the Patient.

The investor of today does not profit from yesterday's growth.

Long ago, Ben Graham taught me that "Price is what you pay; value is what you get." Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down.

The ability to say no is a tremendous advantage for an investor.

The stock market is a wonderfully efficient mechanism for transferring wealth from the impatient to the patient.

We will make bold rather than timid investment decisions where we see a sufficient probability of gaining market leadership advantages.