Quotable quote from Benjamin Graham
"The chief losses to investors come from the purchase of low-quality securities at times of favourable business conditions."
Think of some famous examples:
Guys who bought Pentamedia, Silverline, NEPC group shares, etc. will be able to vouch for the veracity of such quotes.
At every level of the BSE Sensex, we'll be able to find such scrips - Just take a look at ET and identify a list of shares which are quoting at a PE of over 100 and you're likely to find a whole host of candidates eminently suited to be part of such a list of securities!