We have been trying to point out that this concept of an indefinitely favorable future is dangerous, even if it is true; because even if it is true you can easily overvalue the security, since you make it worth anything you want it to be worth. Beyond this, it is particularly dangerous too, because sometimes your ideas of the future turn out to be wrong. Then you have paid an awful lot for a future that isn't there. Your position then is pretty bad.
Benjamin GrahamA stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.
Benjamin GrahamThousands of people have tried, and the evidence is clear: The more you trade, the less you keep.
Benjamin GrahamSuccessful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it.
Benjamin Graham