there is a tendency in part of Wall Street people to pay excessive attention to the most recent figures and the present financial picture.
Benjamin GrahamThe most realistic distinction between the investor and the speculator is found in their attitude toward stock-market movements. The speculator's primary interest lies in anticipating and profiting from market fluctuations. The investor's primary interest lies in acquiring and holding suitable securities at suitable prices. Market movements are important to him in a practical sense, because they alternately create low price levels at which he would be wise to buy and high price levels at which he certainly should refrain from buying and probably would be wise to sell.
Benjamin GrahamIndividuals who cannot master their emotions are ill-suited to profit from the investment process.
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