Why should the cotton growers suffer if there is shortage of wheat?
BENJAMIN GRAHAMMr. 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.
More Benjamin Graham Quotes
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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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The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.
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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 sillier the market’s behavior, the greater the opportunity for the business like investor.
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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.
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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 investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.
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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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Investing is most intelligent when it is most businesslike.
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While enthusiasm may be necessary for great accomplishments elsewhere, on Wall Street it almost invariably leads to disaster
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The purpose of this book is to supply, in the form suitable for laymen, guidance in the adoption and execution of an investment policy.
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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 thing that I have been emphasizing in my own work for the last few years has been the group approach. To try to buy groups of stocks that meet some simple criterion for being undervalued-regardless of the industry and with very little attention to the individual company.
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To have a true investment, there must be a true margin of safety. And a true margin of safety is one that can be demonstrated by figures, by persuasive reasoning, and by reference to a body of actual experience.
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The investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could vary widely in market price in response to changes in interest rates.
BENJAMIN GRAHAM