The utility, or intrinsic value of gold as a commodity is now considerably less than in the past; its monetary status has become extraordinarily ambiguous; and its future is highly uncertain.
BENJAMIN GRAHAMAvoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
More Benjamin Graham Quotes
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The investor’s primary interest lies in acquiring and holding suitable securities at suitable prices.
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Undervaluations caused by neglect or prejudice may persist for an inconveniently long time, and the same applies to inflated prices caused by over-enthusiasm or artificial stimulants.
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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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Good managements produce a good average market price, and bad managements produce bad market prices.
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It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
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Stocks can be dynamite.
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In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.
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Whenever the investor sold out in an upswing as soon as the top level of the previous well-recognized bull market was reached, he had a chance in the next bear market to buy back at one third (or better) below his selling price.
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The intelligent investor is likely to need considerable will power to keep from following the crowd.
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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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Even the most conservative must realize that the recent transformation of surplus from an individual to a national disaster implies a scathing indictment of our capitalist system as it has now developed.
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Whether we like it or not, government intervention in the face of surplus is here to stay.
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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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A speculator gambles that a stock will go up in price because somebody else will pay even more for it.
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Most businesses change in character and quality over the years, sometimes for the better, perhaps more often for the worse. The investor need not watch his companies’ performance like a hawk; but he should give it a good, hard look from time to time.
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If General Motors is worth $60 a share to an investor it must be because the full common-stock ownership of this gigantic enterprise as a whole is worth 43 million (shares) times $60, or no less than $2,600 million.
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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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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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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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The memory of the financial community is proverbially and distressingly short.
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The stock market resembles a huge laundry in which institutions take in large blocks of each others washing … without rhyme or reason.
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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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Obvious prospects for physical growth in a business do not translate into obvious profits for investors.
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The Reservoir plan is an engineering mechanism applied to the field of economics, and in its essence it has nothing to do with democracy or any other political philosophy.
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The defensive (or passive) investor will place chief emphasis on the avoidance of serious mistakes or losses. His second aim will be freedom from effort, annoyance, and the need for making frequent decisions.
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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