Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times of good business conditions. The purchasers view the good current earnings as equivalent to 'earning power' and assume that prosperity is equivalent to safety.
Benjamin GrahamIt 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.
Benjamin GrahamIn the short run, the market is a voting machine, but in the long run it is a weighing machine.
Benjamin GrahamThe 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".
Benjamin GrahamThousands of people have tried, and the evidence is clear: The more you trade, the less you keep.
Benjamin Graham