I helped Ben with the third edition of Security Analysis, published in 1951.

Fear and greed tend to affect one's judgement.

Have patience. Stocks don't go up immediately.

Be sure that debt does not exceed 100% of the equity.

Graham liked the idea of protection on the downside.

Ben's emphasis was on protecting his expectation of profit with minimum risk.

Remember that a share of stock represents a part of a business and is not just a piece of paper.