Benjamin Graham Quote
In most cases the favorable price performance will be accompanied by a well-defined improvement in the average earnings, in the dividend, and in the balance-sheet position. Thus in the long run the market test and the ordinary business test of a successful equity commitment tend to be largely identical.
Chapter II, The Investor and Stock-Market Fluctuations, p. 25 - The Intelligent Investor: The Classic Text on Value Investing (1949)
