Obvious prospects for physical growth in a business do not translate into obvious profits for investors.
BENJAMIN GRAHAMThe best values today are often found in the stocks that were once hot and have since gone cold.
More Benjamin Graham Quotes
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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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The sillier the market’s behavior, the greater the opportunity for the business like investor.
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To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.
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Buy not on optimism, but on arithmetic.
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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.
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A speculator gambles that a stock will go up in price because somebody else will pay even more for it.
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Confusing speculation with investment is always a mistake.
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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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Losing some money is an inevitable part of investing, and there’s nothing you can do to prevent it. But to be an intelligent investor, you must take responsibility for ensuring that you never lose most or all of your money.
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Individuals who cannot master their emotions are ill-suited to profit from the investment process.
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An investor calculates what a stock is worth, based on the value of its businesses.
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High valuations entail high risks.
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The existence of such a war chest might go far to strengthen our prestige and frighten off any would be assailant.
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The investor’s chief problem – and even his worst enemy – is likely to be himself.
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The intelligent investor shouldn’t ignore Mr. Market entirely. Instead, you should do business with him- but only to the extent that it serves your interests.
BENJAMIN GRAHAM