The Intelligent
Investor's Edge

"The stock market is a device for transferring money from the impatient to the patient."

"It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent."

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

"The most important thing is to be aware of the role of cycles and to position yourself accordingly."

"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."

"Risk means more things can happen than will happen."

"In investing, what is comfortable is rarely profitable."

"The four most dangerous words in investing are: 'This time it's different.'"

"The ocean doesn't care about your swimming lessons."

"Wide diversification is only required when investors do not understand what they are doing."

"The stock market is a device for transferring money from the impatient to the patient."

"It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent."

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

"The most important thing is to be aware of the role of cycles and to position yourself accordingly."

"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."

"Risk means more things can happen than will happen."

"In investing, what is comfortable is rarely profitable."

"The four most dangerous words in investing are: 'This time it's different.'"

"The ocean doesn't care about your swimming lessons."

"Wide diversification is only required when investors do not understand what they are doing."