'For some reason, people take their cues from price action rather than from values. What doesn't work is when you start doing things that you don't understand or because they worked last week for somebody else. The dumbest reason in the world to buy a stock is because it's going up. '

'Price is what you pay. Value is what you get.'

'Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can't buy what is popular and do well.'

A story that was passed down from Ben Graham illustrates the lemminglike behavior of the crowd: 'Let me tell you the story of the oil prospector who met St. Pe…