“The history of the past fifty years, and longer, indicates that a diversified holding of representative common stocks will prove more profitable over a stretch of years than a bond portfolio, with one important provisio that the shares must be purchased at reasonable market levels, that is, levels that are reasonable in the light of fairly well-defined standards derived from past experience.” YearsWellsImportantLightPastLevelsCommonShareProveStandardsDefinedReasonableFiftyRepresentativesProfitablePortfoliosPast Experiences Book:The Intelligent Investor: A Book of Practical Counsel Source: The Intelligent Investor: A Book of Practical Counsel