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.
BENJAMIN GRAHAMThe 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.
More Benjamin Graham Quotes
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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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The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.
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Wall Street people learn nothing and forget everything.
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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 purpose of this book is to supply, in the form suitable for laymen, guidance in the adoption and execution of an investment policy.
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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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Investing isn’t about beating others at their game. It’s about controlling yourself at your own game.
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A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.
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Do not let anyone else run your business
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In the financial markets, hindsight is forever 20/20, but foresight is legally blind. And thus, for most investors, market timing is a practical and emotional impossibility.
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The modern world is not geared properly to the storage of goods.
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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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The true investor… will do better if he forgets about the stock market and pays attention to his dividend returns and to the operation results of his companies.
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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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Why should the cotton growers suffer if there is shortage of wheat?
BENJAMIN GRAHAM