Investment students need only two well-taught courses - How to Value a Business and How to Think About Market Prices.

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

At age 19, I read a book [The Intelligent Investor] and what I'm doing today, at age 76, is running things through the same thought process I learned from the book I read at 19.

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 most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.

We don't get paid for activity, just for being right. As to how long we'll wait, we'll wait indefinitely.