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Average Quotes - Page 28

The normal expectancy of the average investor - for example, the pension funds of AT&T or IBM - is 6% for a long time.

Charlie Munger's comments on future returns from equities at the 2001 Wesco Financial Annual Meeting, www.tilsonfunds.com. May 2, 2001.

Calculate a stock's price/earnings ratio yourself, using Graham's formula of current price divided by average earnings over the past three years.

Benjamin Graham (1965). “The Intelligent Investor: A Book of Practical Counsel”, p.120, Prabhat Prakashan