Benjamin Graham Quotes
Investing isn't about beating others at their game. It's about controlling yourself at your own game.
The intelligent investor is a realist who sells to optimists and buys from pessimists.
In the short run, the market is a voting machine, but in the long run it is a weighing machine.
In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.
Before you invest, you must ensure that you have realistically assessed your probability of being right and how you will react to the consequences of being wrong.
The true investor... will do better if he forgets about the stock market and pays attention to his dividend returns and to the operation results of his companies.
If you are shopping for common stocks, choose them the way you would buy groceries, not the way you would buy perfume.
An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.
The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.
Individuals who cannot master their emotions are ill-suited to profit from the investment process.
The genuine investor in common stocks does not need a great equipment of brain and knowledge, but he does need some unusual qualities of character
The value of any investment is, and always must be, a function of the price you pay for it.
It requires strength of character in order to think and to act in opposite fashion from the crowd and also patience to wait for opportunities that may be spaced years apart.
By refusing to pay too much for an investment, you minimize the chances that your wealth will ever disappear or suddenly be destroyed.
Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
Stock speculation is largely a matter of A trying to decide what B, C and D are likely to think-with B, C and D trying to do the same.
The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.
Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it.
You must never delude yourself into thinking that you're investing when you're speculating.
An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.
Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it – even though others may hesitate or differ.
Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.
There is a close logical connection between the concept of a safety margin and the principle of diversification.
The essence of investment management is the management of risks, not the management of returns.
Cartels have spread and will spread as long as the world lacks an effective mechanism by which balanced expansion may be achieved without a resulting disruption of prices.
We define a bargain issue as one which, on the basis of facts established by analysis, appears to be worth considerably more that it is selling for.
you may take it as an axiom that you cannot profit in Wall Street by continuously doing the obvious or the popular thing
The intelligent investor is likely to need considerable will power to keep from following the crowd.
The intelligent investor gets interested in big growth stocks not when they are at their most popular - but when something goes wrong.
The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.
Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.
Knowledge is only one ingredient on arriving at a stock's proper price. The other ingredient, fully as important as information, is sound judgment.
Experience teaches that the time to buy stocks is when their price is unduly depressed by temporary adversity. In other words, they should be bought on a bargain basis or not at all.
To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.
The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.
Although there are good and bad companies, there is no such thing as a good stock; there are only good stock prices, which come and go.
Nearly everyone interested in common stocks wants to be told by someone else what he thinks the market is going to do. The demand being there, it must be supplied.
