The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.
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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It is no difficult trick to bring a great deal of energy, study, and native ability into Wall Street and to end up with losses instead of profits. These virtues, if channeled in the wrong directions, become indistinguishable from handicaps.
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At heart, “uncertainty” and “investing” are synonyms.
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The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.
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Never mingle your speculative and investment operations in the same account nor in any part of your thinking.
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Individuals who cannot master their emotions are ill-suited to profit from the investment process.
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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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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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By refusing to pay too much for an investment, you minimize the chances that your wealth will ever disappear or suddenly be destroyed.
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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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Speculators often prosper through ignorance; it is a cliché that in a roaring bull market knowledge is superfluous and experience is a handicap. But the typical experience of the speculator is one of temporary profit and ultimate loss
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The modern world is not geared properly to the storage of goods.
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Mr. Market’s job is to provide you with prices; your job is to decide whether it is to your advantage to act on them. You no not have to trade with hime just because he constantly begs you to.
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The intelligent investor is likely to need considerable will power to keep from following the crowd.
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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 function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.
BENJAMIN GRAHAM