Although there are good and bad companies, there is no such thing as a good stock; there are only good stock prices, which come and go.
BENJAMIN GRAHAMWhether we like it or not, government intervention in the face of surplus is here to stay.
More Benjamin Graham Quotes
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Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it – even though others may hesitate or differ.
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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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The intelligent investor gets interested in big growth stocks not when they are at their most popular – but when something goes wrong.
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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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Both individual skill (art) and chance are important factors in determining success or failure.
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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.
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The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.
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Real investment risk is measured not by the percent that a stock may decline in price in relation to the general market in a given period, but by the danger of a loss of quality and earnings power through economic changes or deterioration in management.
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Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.
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The sillier the market’s behavior, the greater the opportunity for the business like investor.
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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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Price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal.
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Successful investing is about managing risk, not avoiding it.
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Confusing speculation with investment is always a mistake.
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Do not let anyone else run your business
BENJAMIN GRAHAM