La obra de Graham no se enfoca en predecir el futuro, sino en proteger al inversor de errores costosos y del propio ruido del mercado.

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He suggests comparing the stock's P/E ratio to the market average. If a stock has a very high P/E ratio (growth stocks), it is priced for perfection. If it stumbles, the price drop can be catastrophic. He prefers value stocks with moderate P/E ratios and strong balance sheets.