The Reservoir plan is an engineering mechanism applied to the field of — Benjamin Graham

"Whether we like it or not, government intervention in the face of surplus is here to stay."

"The modern world is not geared properly to the storage of goods."

"The history of the past fifty years, and longer, indicates that a diversified holding of representative common stocks will prove more profitable over a stretch of years than a bond portfolio, with one important provisio—that the shares must be purchased at reasonable market levels, that is, levels that are reasonable in the light of fairly well-defined standards derived from past experience."

"THERE is widespread agreement among economists that abuse of credit constitutes one of the chief unwholesome elements in business booms and is mainly responsible for the ensuing crash and depression."

"A price decline is of no real importance to the bona fide investor unless it is either very substantial—say, more than a third from cost—or unless it reflects a known deterioration of consequence in the companys position. In a well-defined bear market many sound common stocks sell temporarily at extraordinary low prices. It is possible that the investor may then have a paper loss of fully 50 per cent on some of his holdings, without any convincing indication that the underlying values have been permanently affected."

"The value of the security analyst to the investor depends largely on the investors own attitude. If the investor asks the analyst the right questions, he is likely to get the right—or at least valuable— answers."