Calculate a stock's price/earnings ratio yourself, using Graham's formula of current price divided by average earnings over the past three years.

Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it – even though others may hesitate or differ.

By developing your discipline and courage, you can refuse to let other people's mood swings govern your financial destiny. In the end, how your investments behave is much less important than how you behave.

A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.

Although there are good and bad companies, there is no such thing as a good stock; there are only good stock prices, which come and go.

I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities.

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.