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“Good nature is, of all moral qualities, the one that the world needs most, and good nature is the result of ease and security, not of a life of arduous struggle. Modern methods of production have given us the possibility of ease and security for all; we have chosen, instead, to have overwork for some and starvation for the others. Hitherto we have continued to be as energetic as we were before there were machines; in this we have been foolish, but there is no reason to go on being foolish for ever.”

“Organized religion has too often followed the road of other people's institutions. It has made adjustments, compromises, and surrenders to a materialistic civilization for the benefit of material security in spite of occasional twinges of conscience and moral protests. The result has been that today much of organized religion is materialistically solvent but spiritually bankrupt.”

“All the real money in investment will have to be made as most of it has been in the past not out of buying and selling but out of owning and holding securities, receiving interests and dividends therein, and benefiting from their long-term increases in value. Hence stockholder's major energies and wisdom as investors should be directed toward assuring themselves of the best operating results from their corporations. This in turn means assuring themselves of fully honest and competent managements.”

“Individual security bargains may be located by the process of security analysis practically at any time. They can be bought with good overall results at all periods except when the general market itself is clearly in a selling range for investors. They show up to best advantage during the years in which the market remains in a relatively narrow and neutral area.”

“If we assume that there are normal or standard income results to be obtained from investing money in securities, then the role of the adviser can be more readily established. He will use his superior training and experience to protect his clients against mistakes and to make sure that they obtain the results to which their money is entitled.”

“A host of positive psychological changes inevitably will result from widespread economic security. The dignity of the individual will flourish when the decisions concerning his life are in his own hands, when he has the means to seek self-improvement. Personal conflicts among husbands, wives and children will diminish when the unjust measurement of human worth on the scale of dollars is eliminated.”

“Wars results in immediate deaths and destruction, but the environmental consequences can last hundreds, often thousands of years. And it is not just war itself that undermines our life support system, but also the research and development, military exercises and general preparations for battle that are carried out on a daily basis in most parts of the world. The majority of this pre-war activity takes place without the benefit of civilian scrutiny and therefore we are unaware of some of what is being done to our environment in the name of 'security.”

“A young financial writer once brought ridicule upon himself by stating that a certain company had nothing to commend it except excellent earnings. Well, there are companies whose earnings are excellent but whose stocks I would never recommend. In selecting investments, I attach prime importance to the men behind them. I'd rather buy brains and character than earnings. Earnings can be good one year and poor the next. But if you put your money into securities run by men combining conspicuous brains and unimpeachable character, the likelihood is that the financial results will prove satisfactory.”

“We are convinced that the intelligent investor can derive satisfactory results from pricing of either type (market timing or fundamental analysis via price). We are equally sure that if he places his emphasis on timing, in the sense of forecasting, he will end up as a speculator and with a speculator's financial results." And "The speculator's primary interest lies in anticipating and profiting from market fluctuations. The investor's primary interest lies in acquiring and holding suitable securities at suitable prices.”

“One is faced with a dilemma: If one places total trust in all other users, one is vulnerable to the antisocial behavior of any malicious user consider the case of viruses. But if one tries to be totally reclusive and isolated, one is not only bored, but one's information universe will cease to grow and be enhanced by interaction with others. The result is that most of us operate in a complicated trade-off zone with various arrangements of trust and security mechanisms.”

“John Kerry and the other Democratic leaders are on the wrong side of history, as they were during the Reagan presidency. If they had won the day, and Reagan had failed, the Soviet Union would still exist, as would all the harm and suffering it unleashed, and American security would be far weaker as a result. And if they win this election thanks to a promise to undo the Reagan-Bush Doctrine, those cheering loudest will be the most evil-loving among us.”

“The Americans made the decision out of principle to buy Russian equipment for us because our pilots and mechanics were trained on Russian aircraft. But, then, as a result of the Ukraine crisis, the US Congress imposed sanctions on Russia and the equipment could no longer be delivered to us. I am proud of our security and defense forces.”

“Trust your gut instinct over spreadsheets. There are too many variables in the real world that you simply can't put into a spreadsheet. Spreadsheets spit out results from your inexact assumptions and give you a false sense of security. In most cases, your heart and gut are still your best guide.”

“It is obvious that the performance of a stock last year or last month is no reason, per se, to either own it or to not own it now. It is obvious that an inability to "get even" in a security that has declined is of no importance. It is obvious that the inner warm glow that results from having held a winner last year is of no importance in making a decision as to whether it belongs in an optimum portfolio this year.”

“I think what history will show is that one of the most tragic results of the war in Iraq will be that although Sharon, the Likudites, the Neoconservatives in our country, President Bush and the Democratic party thought the war in Iraq and destroying Saddam would benefit Israeli security, we're seeing absolutely that the war in Iraq has probably put Israeli security in a more tenuous condition than it's been in since the founding of the Israeli state.”

“The other thing that really I regretted not being able to do was to push effectively for the reform of the Security Council. Because the world was changing, and is changing very fast, and I felt the UN was holding on to old arrangements. Most governments felt that it has such a narrow power base, based on the results of the second world war.”

“In the last thirty years we have gained enormous amount of freedom (everywhere, except perhaps in places like Burma or North Korea), but we lost quite a large amount of security. Because of all sorts of reasons, because of globalization which stripped the nation state of a large part of its sovereignty away, because of the dismantling of the so-called welfare state. As a result, people feel simultaneously much freer and much more insecure.”

“I think that there is a particular mindset that was on display in the run-up to the Iraq war that continues to this day. Some of the folks who were involved in that decision either don't remember what they said or are entirely unapologetic about the results, but that views the Middle East as a place where force and intimidation will deliver on the security interests that we have, and that it is not possible for us to at least test the possibility of diplomacy.”