In the short run, the market is a voting machine, but in the long run it is a weighing machine.
BENJAMIN GRAHAMSpeculators often prosper through ignorance; it is a cliché that in a roaring bull market knowledge is superfluous and experience is a handicap. But the typical experience of the speculator is one of temporary profit and ultimate loss
More Benjamin Graham Quotes
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No matter how careful you are, the one risk no investor can ever eliminate is the risk of being wrong. Only by insisting on what Graham called the “margin of safety” – never overpaying, no matter how exciting an investment seems to be – can you minimize your odds of error.
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For 99 issues out of 100 we could say that at some price they are cheap enough to buy and at some price they would be so dear that they would be sold.
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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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The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.
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The ideal form of common stock analysis leads to a valuation of the issue which can be compared with the current price to determine whether or not the security is an attractive purchase.
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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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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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In security analysis the prime stress is laid upon protection against untoward events. We obtain this protection by insisting upon margins of safety, or values well in excess of the price paid.
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The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.
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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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Never mingle your speculative and investment operations in the same account nor in any part of your thinking.
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Why should the cotton growers suffer if there is shortage of wheat?
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Successful investing is about managing risk, not avoiding it.
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High valuations entail high risks.
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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.
BENJAMIN GRAHAM








