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

The essence of investment management is the management of risks, not the management of returns.

An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.

... the loss of public confidence in the financial community growing out of its own conduct in recent years. I insist that more damage has been done to stock values and to the future of equities from inside Wall Street than from outside Wall Street.

The art of investment has one characteristic that is not generally appreciated. A creditable, if unspectacular, result can be achieved by the lay investor with a minimum of effort and capability; but to improve this easily attainable standard requires much application and more than a trace of wisdom. If you merely try to bring just a little extra knowledge and cleverness to bear upon your investment program, instead of realizing a little better than normal results, you may well find that you have done worse.

Wall Street people learn nothing and forget everything.

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