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.
BENJAMIN GRAHAMTo be an investor you must be a believer in a better tomorrow.
More Benjamin Graham Quotes
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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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There is something paradoxical in the fact that by establishing an export market we subject our entire domestic production to the vagaries of that market.
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The investor’s chief problem – and even his worst enemy – is likely to be himself.
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Investing isn’t about beating others at their game. It’s about controlling yourself at your own game.
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The essence of investment management is the management of risks, not the management of returns.
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Obvious prospects for physical growth in a business do not translate into obvious profits for investors.
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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 qualitative factors upon which most stress is laid are the nature of the business and the character of the management. These elements are exceedingly important, but they are also exceedingly difficult to deal with intelligently.
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The world has not learned the technique of balanced expansion without the resultant commercial and financial congestion.
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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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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 only thing you should do with pro forma earnings is ignore them.
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Never buy a stock because it has gone up or sell one because it has gone down.
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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 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.
BENJAMIN GRAHAM







