To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.
BENJAMIN GRAHAMIt must be fundamentally wrong to reduce production of food and fiber while one-third of our population is still ill fed and ill clothed.
More Benjamin Graham Quotes
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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 function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.
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While enthusiasm may be necessary for great accomplishments elsewhere, on Wall Street it almost invariably leads to disaster
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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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The best values today are often found in the stocks that were once hot and have since gone cold.
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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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It is a misfortune of the times that all of us must needs be amateur economists-including, and perhaps especially, the professionals.
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Good managements produce a good average market price, and bad managements produce bad market prices.
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We have not known a single person who has consistently or lastingly make money by thus “following the market”. We do not hesitate to declare this approach is as fallacious as it is popular.
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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.
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The essence of investment management is the management of risks, not the management of returns.
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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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A speculator gambles that a stock will go up in price because somebody else will pay even more for it.
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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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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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It is absurd to think that the general public can ever make money out of market forecasts.
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The investor’s chief problem – and even his worst enemy – is likely to be himself.
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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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No statement is more true and better applicable to Wall Street than the famous warning of Santayana: “Those who do not remember the past are condemned to repeat it”.
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The memory of the financial community is proverbially and distressingly short.
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By developing your discipline and courage, you can refuse to let other people’s mood swings govern your financial destiny. In the end, how your investments behave is much less important than how you behave.
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Losing some money is an inevitable part of investing, and there’s nothing you can do to prevent it. But to be an intelligent investor, you must take responsibility for ensuring that you never lose most or all of your money.
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In an ideal world, the intelligent investor would hold stocks only when they are cheap and sell them when they become overpriced, then duck into the bunker of bonds and cash until stocks again become cheap enough to buy.
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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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Stock speculation is largely a matter of A trying to decide what B, C and D are likely to think-with B, C and D trying to do the same.
BENJAMIN GRAHAM