This Book is a Fixture in My Office

“The more flippant the investing cliché, the more you should question it. Consider ‘the bigger they are, the harder they fall.’ At their lows this week, the technology shares that have until recently been the stock market’s darlings — Facebook, Amazon.com, Netflix, Google’s parent company Alphabet and other giants — had fallen more than 17% since March 13. Over the same period, U.S. stocks overall fell 8%,” writes Jason Zweig in his weekly column The Intelligent Investor.

A fixture in my office is the book Security Analysis written in 1934 by Ben Graham and David Dodd. Zweig notes, “As the epigraph for his 1934 book Security Analysis, the fundamental text for evaluating stocks and bonds, the great investor Benjamin Graham chose these words from the Latin poet Horace:

“Many shall be restored that now are fallen and many shall fall that now are in honor.”