Rather should we say that the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion.
BENJAMIN GRAHAMthere is a tendency in part of Wall Street people to pay excessive attention to the most recent figures and the present financial picture.
More Benjamin Graham Quotes
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Even defensive portfolios should be changed from time to time, especially if the securities purchased have an apparently excessive advance and can be replaced by issues much more reasonable priced.
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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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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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An investor calculates what a stock is worth, based on the value of its businesses.
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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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Stocks can be dynamite.
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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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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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Investing isn’t about beating others at their game. It’s about controlling yourself at your own game.
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Always buy your straw hats in the Winter
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The volume of credit depends upon three factors: the desire to borrow, the ability to lend and the desire to lend.
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Diversification is an established tenet of conservative investment.
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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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An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.
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The best values today are often found in the stocks that were once hot and have since gone cold.
BENJAMIN GRAHAM








