Whether we like it or not, government intervention in the face of surplus is here to stay.
BENJAMIN GRAHAMDo not let anyone else run your business
More Benjamin Graham Quotes
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The intelligent investor is likely to need considerable will power to keep from following the crowd.
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The Reservoir system will function not only as an equalizer of business conditions, but also as a national store to meet further emergencies, such as war and drought, and-most important of all-as the concrete means of developing a steadily higher living standard for all.
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The essence of investment management is the management of risks, not the management of returns.
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To see how much a company is truly earning on the capital it deploys in its businesses, look beyond EPS to Return on Invested Capital (ROIC).
BENJAMIN GRAHAM -
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.
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Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble… to give way to hope, fear and greed.
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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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It is a misfortune of the times that all of us must needs be amateur economists-including, and perhaps especially, the professionals.
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The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.
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In the financial markets, hindsight is forever 20/20, but foresight is legally blind. And thus, for most investors, market timing is a practical and emotional impossibility.
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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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Wall Street has a few prudent principles; the trouble is that they are always forgotten when they are most needed.
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People who invest make money for themselves; people who speculate make money for their brokers. And that, in turn, is why Wall Street perennially downplays the durable virtues of investing and hypes the gaudy appeal of speculation.
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Those with the enterprise lack the money and those with the money lack the enterprise to buy stocks when they are cheap.
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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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The story of Joseph in Egypt and of the seven fat and the seven lean years has passed into the homely wisdom of the ages; but our economic thinking seems to have lost contact with so simple and basic approach to prudent management of a nations welfare.
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The modern world is not geared properly to the storage of goods.
BENJAMIN GRAHAM -
Buy not on optimism, but on arithmetic.
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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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In the old legend the wise men finally boiled down the history of mortal affairs into a single phrase: ‘This too will pass.’
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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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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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I am more and more impressed with the possibilities of history’s repeating itself on many different counts. You don’t get very far in Wall Street with the simple, convenient conclusion that a given level of prices is not too high.
BENJAMIN GRAHAM -
The idea of storage as a solution of economic problems at least has the support of common sense.It is diametrically opposed to the topsy-turvy Alice-in-Wonderland reasoning that has marked so much of our depression thinking and policy.
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Both individual skill (art) and chance are important factors in determining success or failure.
BENJAMIN GRAHAM -
The world has not learned the technique of balanced expansion without the resultant commercial and financial congestion.
BENJAMIN GRAHAM