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Margin of safety is the most important concept in investing, By keeping a large gap between the price you pay and your estimate of the value of the investment

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Rather than paying out high quality dividends large companies re-invest in themselves

The relationship between shareholders and management is always changing.

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There are good and bad companies but there are no good and bad stocks

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"Always read just because something says *The BEST* it does not necessarily mean it is true

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A Convertible issue is a financial instrument which can be converted into the common shares of its issuing corporation at a predetermined time and price.

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According to the Wall Street Journal, there were approximately 5,000 publicly traded corporations in the United States in 2013

Very few companies have shown a high rate of growth for a very long time.

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Earnings per share is an important and widely used figure but is easily manipulated

Primary EPS = (net income) / (shares outstanding)

Diluted EPS = (net income) / (shares outstanding + convertible securities).

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In Graham’s time, it was customary for corporations to pay out approximately two-thirds of their earnings in dividends

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Graham does not believe in forecasting future events

in order to minimize risk you should diversify stocks

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Graham demonstrates a multi-step process for assessing the relative strength and valuation of four companies.This process takes the profitability, stability, and price of the companies into consideration—along with other factors process in relation to four modern technology companies: Google, Microsoft, Apple and Blackberry.

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Investors should be skeptical when their bosses make the, promises.

When getting advise from advisors it must always be known that all advise might be flawed

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When you buy shares of a company’s stock, you are becoming a partial owner of that company

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Investors should be comfortable waiting for such prices to present themselves

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Do not try to time the market. Instead, focus on acquiring high-quality securities at reasonable prices

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A company is only worth what someone will pay for it

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The value of a buisness can be misevaluated because of disappointing results and protracted neglect or unpopularity

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Never invest into security bonds

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Foreign bonds have had a bad investment history since 1914

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The Agressive investor should start at the same base as the defensive investor

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low-grade bonds, foreign-government bonds and IPOs should be ignored

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Preservation of capital is of paramount importance

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There are a wide variety of investment funds, each with unique advantages and disadvantages.

Open funds, are a type of investment fund whereby the fund manager can create new shares to sell to investors.

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Buy stocks low Sell stocks high

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Value investing is not concerned with timing the market

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Defensive investors should divide their funds between high-grade bonds and high-grade common stocks.

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More risk does not necessarily imply more reward

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Inflation makes bonds undesirable

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Dollar-cost averaging can help defray the risk of overpaying for shares.

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Investors’ styles should differ depending on their life situation.

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There are intrinsic benefits to common-stock ownership, relative to alternative asset classes such as bonds. However, these benefits can be sacrificed if the buyer pays too much for her shares.

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A reduction in common-stock holdings where needed to bring it down to a maximum of 50 per cent of the total portfolio. The capital-gains tax must be paid with as good grace as possible, and the proceeds invested in first-quality bonds or held as a savings deposit.

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No increase in the proportion of funds held in common stocks.

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No borrowing to buy or hold securities.

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Raising the prices allows the government to pay off its debts with money that has lost its value due to inflation

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hard to predict the future of inflation

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Inflation increases the cost of borrowing money

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Money can double in a short period of time

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-One of the best investors who ever lived

- After his father died in 1903  his family slipped into poverty

- Got a scholarship at Colombia and graduated in 1914

Graham thrived in the 1929-1939 Depression of and Was very successful after

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2 Those who invest small amounts and wait longer periods of time

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1: Those who take big risks and make big money