Obvious prospects for physical growth in a business do not translate into obvious profits for investors.

Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.

The stock market resembles a huge laundry in which institutions take in large blocks of each others washing ... without rhyme or reason.

Obvious prospects for physical growth in a business do not translate into obvious profits for investors.

It always seemed, and still seems, ridiculously simple to say that if one can acquire a diversified group of common stocks at a price less than the applicable net current assets alone - after deducting all prior claims, and counting as zero the fixed and other assets - the results should be quite satisfactory.

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".

Investing is most intelligent when it is most businesslike.