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.
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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To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.
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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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The intelligent investor gets interested in big growth stocks not when they are at their most popular – but when something goes wrong.
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The people of the United States will not tolerate another deep depression that arises not from any lack of natural resources, productive capacity or man and brain power, but solely from imperfections in the functioning of the system of finance capitalism.
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Do not let anyone else run your business
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The modern world is not geared properly to the storage of goods.
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No matter how careful you are, the one risk no investor can ever eliminate is the risk of being wrong. Only by insisting on what Graham called the “margin of safety” – never overpaying, no matter how exciting an investment seems to be – can you minimize your odds of error.
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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 investor’s chief problem – and even his worst enemy – is likely to be himself.
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There is a close logical connection between the concept of a safety margin and the principle of diversification.
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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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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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Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it.
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Every corporate security may be best viewed, in the first instance, as an ownership interest in, or a claim against, a specific business enterprise.
BENJAMIN GRAHAM