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

The margin of safety is always dependent on the price paid.

An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.

Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it — even though others may hesitate or differ.

The individual investor should act consistently as an investor and not as a speculator.

You can't really teach someone to be a great investor. But you can teach them to avoid the common mistakes.

-- Joel Greenblatt

The checklist is there to protect me from myself.

-- Guy Spier

Know what you own, and know why you own it.

-- Peter Lynch

Everyone has the brainpower to make money in stocks. Not everyone has the stomach.

-- Peter Lynch

The market does not beat them. They beat themselves, because though they have brains they cannot sit tight.

-- Jesse Lauriston Livermore

The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street.

-- Jesse Lauriston Livermore