The stock market resembles a huge laundry in which institutions take in large blocks of each others washing … without rhyme or reason.
BENJAMIN GRAHAMThose with the enterprise lack the money and those with the money lack the enterprise to buy stocks when they are cheap.
More Benjamin Graham Quotes
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High valuations entail high risks.
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Why should the cotton growers suffer if there is shortage of wheat?
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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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The investor’s chief problem – and even his worst enemy – is likely to be himself.
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Do not let anyone else run your business
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Although there are good and bad companies, there is no such thing as a good stock; there are only good stock prices, which come and go.
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Confusing speculation with investment is always a mistake.
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People who invest make money for themselves; people who speculate make money for their brokers. And that, in turn, is why Wall Street perennially downplays the durable virtues of investing and hypes the gaudy appeal of speculation.
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An investor calculates what a stock is worth, based on the value of its businesses.
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The utility, or intrinsic value of gold as a commodity is now considerably less than in the past; its monetary status has become extraordinarily ambiguous; and its future is highly uncertain.
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Before you place your financial future in the hands of an adviser, it’s imperative that you find someone who not only makes you comfortable but whose honesty is beyond reproach.
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Traditionally the investor has been the man with patience and the courage of his convictions who would buy when the harried or disheartened speculator was selling.
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Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.
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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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It’s nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.
BENJAMIN GRAHAM