Most businesses change in character and quality over the years, sometimes for the better, perhaps more often for the worse. The investor need not watch his companies' performance like a hawk; but he should give it a good, hard look from time to time.
Benjamin GrahamWe have not known a single person who has consistently or lastingly make money by thus "following the market". We do not hesitate to declare this approach is as fallacious as it is popular.
Benjamin GrahamCalculate a stock's price/earnings ratio yourself, using Graham's formula of current price divided by average earnings over the past three years.
Benjamin Graham