High valuations entail high risks.
BENJAMIN GRAHAMIndividuals who cannot master their emotions are ill-suited to profit from the investment process.
More Benjamin Graham Quotes
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In the short run, the market is a voting machine, but in the long run it is a weighing machine.
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Individuals who cannot master their emotions are ill-suited to profit from the investment process.
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The only thing you should do with pro forma earnings is ignore them.
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Intelligent investment is more a matter of mental approach than it is of technique. A sound mental approach toward stock fluctuations is the touchstone of all successful investment under present-day conditions.
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A great company is not a great investment if you pay too much for the stock.
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Real investment risk is measured not by the percent that a stock may decline in price in relation to the general market in a given period, but by the danger of a loss of quality and earnings power through economic changes or deterioration in management.
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Before you place your financial future in the hands of an adviser, it’s imperative that you find someone who not only makes you comfortable but whose honesty is beyond reproach.
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The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.
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The value of any investment is, and always must be, a function of the price you pay for it.
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Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it.
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It’s nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.
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Never mingle your speculative and investment operations in the same account nor in any part of your thinking.
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Though business conditions may change, corporations and securities may change, and financial institutions and regulations may change, human nature remains the same.
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An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.
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The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.
BENJAMIN GRAHAM







