Evidently stockholders have forgotten more than to look at balance sheets. They have forgotten also that they are owners of a business and not merely owners of a quotation on the stock ticker. It is time, and high time, that the millions of American shareholders turned their eyes from the daily market reports long enough to give some attention to the enterprises themselves of which they are the proprietors, and which exist for their benefit and at their pleasure.
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 GrahamYou must never delude yourself into thinking that you're investing when you're speculating.
Benjamin GrahamTraditionally 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.
Benjamin GrahamIn the short run, the market is a voting machine, but in the long run it is a weighing machine.
Benjamin GrahamThe investor with a portfolio of sound stocks should expect their prices to fluctuate and should neither be concerned by sizable declines nor become excited by sizable advances. He should always remember that market quotations are there for his convenience, either to be taken advantage of or to be ignored.
Benjamin Graham