We are convinced that the intelligent investor can derive satisfactory results from pricing of either type (market timing or fundamental analysis via price). We are equally sure that if he places his emphasis on timing, in the sense of forecasting, he will end up as a speculator and with a speculator's financial results." And "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.
Benjamin GrahamThe purpose of this book is to supply, in the form suitable for laymen, guidance in the adoption and execution of an investment policy.
Benjamin GrahamThe determining trait of the enterprising (or active, or aggressive) investor is his willingness to devote time and care to the selection of securities that are both sound and more attractive than the average.
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 Graham