The intelligent investor is a realist who sells to optimists and buys from pessimists.
BENJAMIN GRAHAMIn 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.
More Benjamin Graham Quotes
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If I have noticed anything over these 60 years on Wall Street, it is that people do not succeed in forecasting what`s going to happen to the stock market.
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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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The investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could vary widely in market price in response to changes in interest rates.
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The intelligent investor shouldn’t ignore Mr. Market entirely. Instead, you should do business with him- but only to the extent that it serves your interests.
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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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To have a true investment, there must be a true margin of safety. And a true margin of safety is one that can be demonstrated by figures, by persuasive reasoning, and by reference to a body of actual experience.
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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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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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It’s nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.
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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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Successful investing is about managing risk, not avoiding it.
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there is a tendency in part of Wall Street people to pay excessive attention to the most recent figures and the present financial picture.
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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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Individuals who cannot master their emotions are ill-suited to profit from the investment process.
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In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.
BENJAMIN GRAHAM