Benjamin Graham Quotes
The sillier the market's behavior, the greater the opportunity for the business like investor.
If fees consume more than 1% of your assets annually, you should probably shop for another adviser.
For 99 issues out of 100 we could say that at some price they are cheap enough to buy and at some price they would be so dear that they would be sold.
The stock market resembles a huge laundry in which institutions take in large blocks of each others washing ... without rhyme or reason.
In nine companies out of ten the factor of fluctuation has been a more dominant and important consideration in the matter of investment than has the factor of long-term growth or decline
The existence of such a war chest might go far to strengthen our prestige and frighten off any would be assailant.
It is a misfortune of the times that all of us must needs be amateur economists-including, and perhaps especially, the professionals.
I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities.
The most striking thing about Graham's discussion of how to allocate your assets between stocks and bonds is that he never mentions the word "age".
Both a priori reasoning and experience teach us that as as these funds grow larger the geometrical rate of growth by compound interest ultimately defeats itself.
It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.
Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.
there is a tendency in part of Wall Street people to pay excessive attention to the most recent figures and the present financial picture.
Calculate a stock's price/earnings ratio yourself, using Graham's formula of current price divided by average earnings over the past three years.
To establish the right price for a stock, the market must have adequate information, but it by no means follows that is the market has this information it will thereupon establish the right price.
Whether we like it or not, government intervention in the face of surplus is here to stay.
Every corporate security may be best viewed, in the first instance, as an ownership interest in, or a claim against, a specific business enterprise.
In the old legend the wise men finally boiled down the history of mortal affairs into a single phrase: 'This too will pass.'
Good managements produce a good average market price, and bad managements produce bad market prices.
The money cost of the reservoir plan literally fades into insignificance when it is compared with the financial burden which the great depression imposed on the nation.
There is something paradoxical in the fact that by establishing an export market we subject our entire domestic production to the vagaries of that market.
It must be fundamentally wrong to reduce production of food and fiber while one-third of our population is still ill fed and ill clothed.
The Reservoir plan is an engineering mechanism applied to the field of economics, and in its essence it has nothing to do with democracy or any other political philosophy.
