5. Graham stated that "serious investors are not worried in the day to day or month to-month fluctuations of the market." What effect may myopic behavior have on investors? Graham states (well before it was known by the masses) that "performance (active) funds can beat the averages for a few years, but rarely ever keep up in the long run with the overall market averages." Why have passive funds beat active funds over the long run? 7. Why does Graham say that it's difficult to value companies in the future? What does this say about high P/E vs low P/E companies? IR