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.
BENJAMIN GRAHAMAn investor calculates what a stock is worth, based on the value of its businesses.
More Benjamin Graham Quotes
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When somebody asserts that a stock has an earning power of so much, I am sure that the person who hears him doesn’t know what he means, and there is a good chance that the man who uses it doesn’t know what it means.
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If fees consume more than 1% of your assets annually, you should probably shop for another adviser.
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In an ideal world, the intelligent investor would hold stocks only when they are cheap and sell them when they become overpriced, then duck into the bunker of bonds and cash until stocks again become cheap enough to buy.
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Investing is most intelligent when it is most businesslike.
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The intelligent investor gets interested in big growth stocks not when they are at their most popular – but when something goes wrong.
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In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.
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Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.
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The people of the United States will not tolerate another deep depression that arises not from any lack of natural resources, productive capacity or man and brain power, but solely from imperfections in the functioning of the system of finance capitalism.
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The sillier the market’s behavior, the greater the opportunity for the business like investor.
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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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We urge the beginner in security buying not to waste his efforts and his money in trying to beat the market. Let him study security values and initially test out his judgment on price versus value with the smallest possible sums.
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There is a close logical connection between the concept of a safety margin and the principle of diversification.
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you may take it as an axiom that you cannot profit in Wall Street by continuously doing the obvious or the popular thing
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The intelligent investor is a realist who sells to optimists and buys from pessimists.
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It is a fact worth pondering that four centuries ago the evil of “an abundance or surplus” arose from its being kept off the market, while today the evil of surplus lies in its being thrown upon the market.
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A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.
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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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Investing isn’t about beating others at their game. It’s about controlling yourself at your own game.
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By refusing to pay too much for an investment, you minimize the chances that your wealth will ever disappear or suddenly be destroyed.
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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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To be an investor you must be a believer in a better tomorrow.
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Traditionally the investor has been the man with patience and the courage of his convictions who would buy when the harried or disheartened speculator was selling.
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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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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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If I have noticed anything over these 60 years on Wall Street, it is that people do not succeed in forecasting what`s going to happen to the stock market.
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Successful investing is about managing risk, not avoiding it.
BENJAMIN GRAHAM