"The stock market resembles a huge laundry in which institutions take in large blocks of each others washing ... without rhyme or reason."

"The only thing you should do with pro forma earnings is ignore them."

"High valuations entail high risks."

"Speculative stock movements are carried too far in both directions, frequently in the general market and at all times in at least some of the individual issues."

"To enjoy a reasonable chance for continued better than average results, the investor must follow policies which are (1) inherently sound and promising, and (2) not popular on Wall Street."

"The investor who permits himself to be stampeded or unduly worried by unjustified market declines in his holdings is perversely transforming his basic advantage into a basic disadvantage."

"The sillier the market's behavior, the greater the opportunity for the business like investor."

"Even defensive portfolios should be changed from time to time, especially if the securities purchased have an apparently excessive advance and can be replaced by issues much more reasonable priced."

"No statement is more true and better applicable to Wall Street than the famous warning of Santayana: "Those who do not remember the past are condemned to repeat it"."

"We have not known a single person who has consistently or lastingly make money by thus "following the market". We do not hesitate to declare this approach is as fallacious as it is popular."