Harman International Industries, Inc., Cheap or Dear

The following two sentences, written by the great Benjamin Graham in the introduction for the fourth and final edition of The Intelligent Investor, have forever been my guide to the purchase and sale of securities:

“For 99 issues out of 100 we could say that at some price they are cheap enough to buy and at some other price they would be so dear that they should be sold.  The habit of relating what is paid to what is being offered is an invaluable trait in investment.”

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