本杰明葛拉汉（Benjamin Graham）：
＂The best definition of a good business is that the good business generates more cash than it consumes＂。
“In the short run, the market is a voting machine but in the long run it is a weighing machine.”
“If all security analysts were agreed that one particular stock was better than all the rest, that stock would quickly advance to a price which would offset all of its previous advantages”. Graham is summarizing the “efficient markets hypothesis”, or EMH, an academic theory claiming that the price of each stock incorporates all publicly available information about the company. With millions of investors sourcing the market every day, it is unlikely that severe mispricings can persist for long.
An old joke has two finance professors walking along the sidewalk; when one spots a $20 bill and bends over to pick it up, the other grabs his arm and says, “Don’t bother. If it was really a $20 bill, someone would have taken it already.” While the market is not perfectly efficient, it is pretty close most of the time – so the intelligent investor will stoop to pick up the stock market’s $20 bills only after researching them thoroughly and minimizing the costs of trading and taxes.
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