Investing is most intelligent when it is most businesslike.
BENJAMIN GRAHAMThus the important and difficult part of sound investment, which hinges upon the investor’s own temperament and attitude, is not much affected by the passing years.
More Benjamin Graham Quotes
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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.
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The intelligent investor is likely to need considerable will power to keep from following the crowd.
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Price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal.
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Unusually rapid growth cannot keep up forever; when a company has already registered a brilliant expansion, its very increase in size makes a repetition of its achievement more difficult.
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It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
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The sillier the market’s behavior, the greater the opportunity for the business like investor.
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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.
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Whether we like it or not, government intervention in the face of surplus is here to stay.
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Mr. Market’s job is to provide you with prices; your job is to decide whether it is to your advantage to act on them. You no not have to trade with hime just because he constantly begs you to.
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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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Why should the cotton growers suffer if there is shortage of wheat?
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In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities.
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A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.
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The best values today are often found in the stocks that were once hot and have since gone cold.
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The investor’s chief problem – and even his worst enemy – is likely to be himself.
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If you are shopping for common stocks, choose them the way you would buy groceries, not the way you would buy perfume.
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Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.
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Diversification is an established tenet of conservative investment.
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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.
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By developing your discipline and courage, you can refuse to let other people’s mood swings govern your financial destiny. In the end, how your investments behave is much less important than how you behave.
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The memory of the financial community is proverbially and distressingly short.
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The essence of investment management is the management of risks, not the management of returns.
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It is absurd to think that the general public can ever make money out of market forecasts.
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The best way to measure your investing success is not by whether you’re beating the market but by whether you’ve put in place a financial plan and a behavioral discipline that are likely to get you where you want to go.
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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.
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A speculator gambles that a stock will go up in price because somebody else will pay even more for it.
BENJAMIN GRAHAM