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.

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

The investor's chief problem — and even his worst enemy — is likely to be himself.

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

In prosperous times, save diligently; in downturns, invest boldly.

-- Honda Seiroku

Being too far ahead of your time is indistinguishable from being wrong.

-- Howard Marks

Value investing is at its core the marriage of a contrarian streak and a calculator.

-- Seth Klarman

We were ugly-duckling buyers from start to finish.

-- John Neff

It's not always easy to do what's not popular, but that's where you make your money. Buy stocks that look bad to less careful investors and hang on until their true value is recognized.

-- John Neff

The stock market is the only business I know that when things go on sale, the customers run out of the store.

-- Leon G. Cooperman