A Book of Verses underneath the Bough, A Jug of Wine, a Loaf of Bread—and Thou Beside me singing in the Wilderness— Oh, Wilderness were Paradise enow!

The market is a pendulum that forever swings between unsustainable optimism (which makes stocks too expensive) and unjustified pessimism (which makes them too cheap). The intelligent investor is a realist who sells to optimists and buys from pessimists.

The most valuable asset any company has is its people.