The volume of credit depends upon three factors: the desire to borrow, the ability to lend and the desire to lend.
BENJAMIN GRAHAMInvesting isn’t about beating others at their game. It’s about controlling yourself at your own game.
More Benjamin Graham Quotes
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Investing is most intelligent when it is most businesslike.
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In the old legend the wise men finally boiled down the history of mortal affairs into a single phrase: ‘This too will pass.’
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It is worth pointing out that assuredly not more than one person out of a hundred who stayed in the market after after 1925 emerged from it with a net profit and that the speculative losses taken were appalling.
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I quickly convinced myself that the true key to material happiness lay in a modest standard of living which could be achieved with little difficulty under almost all economic conditions.
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There is a close logical connection between the concept of a safety margin and the principle of diversification.
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The genuine investor in common stocks does not need a great equipment of brain and knowledge, but he does need some unusual qualities of character
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Those with the enterprise lack the money and those with the money lack the enterprise to buy stocks when they are cheap.
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As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily against him.
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The market is a pendulum that forever swings between unsustainable optimism (which makes stocks too expensive) and unjustified pessimism (which makes them too cheap). The intelligent investor is a realist who sells to optimists and buys from pessimists.
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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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Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
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Mr. 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.
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The essence of investment management is the management of risks, not the management of returns.
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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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To see how much a company is truly earning on the capital it deploys in its businesses, look beyond EPS to Return on Invested Capital (ROIC).
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Successful investment may become substantially a matter of techniques and criteria that are learnable, rather than the product of unique and incommunicable mental powers.
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Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.
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Speculative stock movements are carried too far in both directions, frequently in the general market and at all times in at least some of the individual issues.
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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.
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Wall Street people learn nothing and forget everything.
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High valuations entail high risks.
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A great company is not a great investment if you pay too much for the stock.
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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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I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities.
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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 investor’s chief problem – and even his worst enemy – is likely to be himself.
BENJAMIN GRAHAM