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 GRAHAMThe investor’s chief problem – and even his worst enemy – is likely to be himself.
More Benjamin Graham Quotes
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Why should the cotton growers suffer if there is shortage of wheat?
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The investor’s chief problem – and even his worst enemy – is likely to be himself.
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Nearly everyone interested in common stocks wants to be told by someone else what he thinks the market is going to do. The demand being there, it must be supplied.
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If General Motors is worth $60 a share to an investor it must be because the full common-stock ownership of this gigantic enterprise as a whole is worth 43 million (shares) times $60, or no less than $2,600 million.
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The best values today are often found in the stocks that were once hot and have since gone cold.
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The market is a pendulum that forever swings between unsustainable optimism (which makes stocks too expensive) and unjustified pessimism (which makes them too cheap). The intelligent investor is a realist who sells to optimists and buys from pessimists.
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An investor calculates what a stock is worth, based on the value of its businesses.
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The best way to measure your investing success is not by whether you’re beating the market but by whether you’ve put in place a financial plan and a behavioral discipline that are likely to get you where you want to go.
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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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Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.
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The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.
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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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The world has not learned the technique of balanced expansion without the resultant commercial and financial congestion.
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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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The underlying principles of sound investment should not alter from decade to decade, but the application of these principles must be adapted to significant changes in the financial mechanisms and climate.
BENJAMIN GRAHAM