Each year we buy stocks and they go up, we sell them and then we try to buy something cheaper.

Ben didn't want to lose money. He had had a rough time during the depression.

Don't sell on bad news.

Buy stocks where the outlook is not good.

Graham liked the idea of protection on the downside.

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

Each year we buy stocks and they go up, we sell them and then we try to buy something cheaper.