'The great growth that had been correctly discounted in the price-earnings ratio is likely to become "undiscounted" for a while, particularly if the company experiences the type of temporary setback that is not uncommon for even the best of companies. In times of general market pessimism, this kind of "undercounting" of some of the very finest investments can reach rather extreme levels. When it does, it affords the patient investor, with the ability to distinguish between current market image and true facts, some of the most attractive opportunities common stocks can offer for handsome long-term profits at a relatively small risk'.