Both a priori reasoning and experience teach us that as as these funds grow larger the geometrical rate of growth by compound interest ultimately defeats itself.
BENJAMIN GRAHAMWall Street has a few prudent principles; the trouble is that they are always forgotten when they are most needed.
More Benjamin Graham Quotes
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Every corporate security may be best viewed, in the first instance, as an ownership interest in, or a claim against, a specific business enterprise.
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To be an investor you must be a believer in a better tomorrow.
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Stocks can be dynamite.
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Obvious prospects for physical growth in a business do not translate into obvious profits for investors.
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The most striking thing about Graham’s discussion of how to allocate your assets between stocks and bonds is that he never mentions the word “age”.
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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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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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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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In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities.
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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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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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The investor who permits himself to be stampeded or unduly worried by unjustified market declines in his holdings is perversely transforming his basic advantage into a basic disadvantage.
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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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If fees consume more than 1% of your assets annually, you should probably shop for another adviser.
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The investor’s chief problem – and even his worst enemy – is likely to be himself.
BENJAMIN GRAHAM