“Graham always believed that a Dow over 100 was too high, and when it got there, he never again felt comfortable with the market. As the Dow never fell below 100 after 1942, Graham was always leaning toward being too defensive. In the early 1950s, when the Dow was about 300, he began to pull back from his business and advised his students against going into investing: The market was “too high”. (…) In 1956, the year the Dow topped 500 for the first time, he left the business for good and devoted himself to a life of pleasure.”