The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.
Benjamin GrahamEven with a margin of safety in the investor's favor, an individual security may work out badly. For the margin guarantees only that he has a better chance for profit than for loss - not that loss is impossible. But as the number of such commitments is increased the more certain does it become that the aggregate of the profits will exceed the aggregate of the losses.
Benjamin GrahamAlthough there are good and bad companies, there is no such thing as a good stock; there are only good stock prices, which come and go.
Benjamin GrahamThe thing that I have been emphasizing in my own work for the last few years has been the group approach. To try to buy groups of stocks that meet some simple criterion for being undervalued-regardless of the industry and with very little attention to the individual company.
Benjamin Graham