An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.
BENJAMIN GRAHAMThe beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.
More Benjamin Graham Quotes
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Calculate a stock’s price/earnings ratio yourself, using Graham’s formula of current price divided by average earnings over the past three years.
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THERE is widespread agreement among economists that abuse of credit constitutes one of the chief unwholesome elements in business booms and is mainly responsible for the ensuing crash and depression.
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It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
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Rather should we say that the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion.
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Successful investment may become substantially a matter of techniques and criteria that are learnable, rather than the product of unique and incommunicable mental powers.
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An investor calculates what a stock is worth, based on the value of its businesses.
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Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it – even though others may hesitate or differ.
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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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I am more and more impressed with the possibilities of history’s repeating itself on many different counts. You don’t get very far in Wall Street with the simple, convenient conclusion that a given level of prices is not too high.
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If you are shopping for common stocks, choose them the way you would buy groceries, not the way you would buy perfume.
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The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.
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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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Investing isn’t about beating others at their game. It’s about controlling yourself at your own game.
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Both individual skill (art) and chance are important factors in determining success or failure.
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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
BENJAMIN GRAHAM