

Success in investing doesn't correlate with I.Q. Once you are above the level of 25; once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing.
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The best thing that happens to us is when a great company gets into temporary trouble...We want to buy them when they're on the operating table.
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What the wise do in the beginning, fools do in the end.
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.
Our goal is to find an outstanding business at a sensible price, not a mediocre business at a bargain price.
The most common cause of low prices is pessimism - sometimes pervasive, sometimes specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces.
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