The most striking thing about Graham's discussion of how to allocate your assets between stocks and bonds is that he never mentions the word "age".

The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.

An investor calculates what a stock is worth, based on the value of its businesses.

To establish the right price for a stock, the market must have adequate information, but it by no means follows that is the market has this information it will thereupon establish the right price.

The essence of investment management is the management of risks, not the management of returns.

Traditionally the investor has been the man with patience and the courage of his convictions who would buy when the harried or disheartened speculator was selling.

Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.