Graham's wonderful sentence as, an investor needs only two things: cash and courage. Having only one of them is not enough.

The inability to hold cash and the pressure to be fully invested at all times meant that when the plug was pulled out of the tub, all boats dropped as the water rushed down the drain.

The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.

Generally, the greater the stigma or revulsion, the better the bargain.

We are not so brazen as to believe that we can perfectly calibrate valuation; determining risk and return for any investment remains an art not an exact science

Hold cash when opportunities are not presenting themselves.

Excess capacity in people, machines, or property will be quickly absorbed.