The genuine investor in common stocks does not need a great equipment of brain and knowledge, but he does need some unusual qualities of character
BENJAMIN GRAHAMThe best values today are often found in the stocks that were once hot and have since gone cold.
More Benjamin Graham Quotes
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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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Many progressive economists insist that gold is now in essentially the same position as silver and that the arguments the simon-pure gold advocates use against the white metal can be directed with equal effect against their own fetish.
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It is a fact worth pondering that four centuries ago the evil of “an abundance or surplus” arose from its being kept off the market, while today the evil of surplus lies in its being thrown upon the market.
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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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Wall Street has a few prudent principles; the trouble is that they are always forgotten when they are most needed.
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The value of the security analyst to the investor depends largely on the investor’s own attitude. If the investor asks the analyst the right questions, he is likely to get the right or at least valuable answers.
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Wall Street people learn nothing and forget everything.
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A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.
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The existence of such a war chest might go far to strengthen our prestige and frighten off any would be assailant.
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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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If fees consume more than 1% of your assets annually, you should probably shop for another adviser.
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In the short run, the market is a voting machine, but in the long run it is a weighing machine.
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Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble… to give way to hope, fear and greed.
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When somebody asserts that a stock has an earning power of so much, I am sure that the person who hears him doesn’t know what he means, and there is a good chance that the man who uses it doesn’t know what it means.
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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.
BENJAMIN GRAHAM