Even defensive portfolios should be changed from time to time, especially if the securities purchased have an apparently excessive advance and can be replaced by issues much more reasonable priced.

There is a close logical connection between the concept of a safety margin and the principle of diversification.

To see how much a company is truly earning on the capital it deploys in its businesses, look beyond EPS to Return on Invested Capital (ROIC).

Wall Street people learn nothing and forget everything.

The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.

Both individual skill (art) and chance are important factors in determining success or failure.

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