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

Investing isn't about beating others at their game. It's about controlling yourself at your own game.

Successful investing is about managing risk, not avoiding it.

The intelligent investor is a realist who sells to optimists and buys from pessimists.

In the short run, the market is a voting machine, but in the long run it is a weighing machine.

In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.

Before you invest, you must ensure that you have realistically assessed your probability of being right and how you will react to the consequences of being wrong.

The true investor... will do better if he forgets about the stock market and pays attention to his dividend returns and to the operation results of his companies.

If you are shopping for common stocks, choose them the way you would buy groceries, not the way you would buy perfume.

A great company is not a great investment if you pay too much for the stock.

An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.

In the world we live in, priests and bartenders have a lot in common.

If they were there for you when you had nothing, they are the ones worth having now. If they only notice you because of what you have gained, are they worth having at all?

It is dreadful to think that behind me my own past is no longer anything but shifting darkness.

We're dealing with a crisis of inequality, of joblessness, of underemployment.

Bill Clinton may in fact be moving back into the White House. And coincidentally I'm thinking about moving back into my mother's house.

Anton Bruckner wrote the same symphony nine times, trying to get it just right. He failed.

It was quite life-affirming, for me, that I felt hat kind of pity for [Margaret Thatcher], because I didn't think I ever would.

The beautiful souls are they that are universal, open, and ready for all things.

When I am weak, then I am strong.

Grow jobs. Get this economy growing. Raise wages. Simplify the tax system, so it's easy to comply with.