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".

there is a tendency in part of Wall Street people to pay excessive attention to the most recent figures and the present financial picture.

Price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal.

The ideal form of common stock analysis leads to a valuation of the issue which can be compared with the current price to determine whether or not the security is an attractive purchase.

The intelligent investor shouldn't ignore Mr. Market entirely. Instead, you should do business with him- but only to the extent that it serves your interests.

A speculator gambles that a stock will go up in price because somebody else will pay even more for it.

There is no reason to feel any shame in hiring someone to pick stocks or mutual funds for you. But there's one responsibility that you must never delegate. You, and no one but you, must investigate whether an adviser is trustworthy and charges reasonable fees.