The volume of credit depends upon three factors: the desire to borrow, the ability to lend and the desire to lend.
BENJAMIN GRAHAMThe investor’s chief problem – and even his worst enemy – is likely to be himself.
More Benjamin Graham Quotes
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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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Both individual skill (art) and chance are important factors in determining success or failure.
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It is a fact worth pondering that four centuries ago the evil of “an abundance or surplus” arose from its being kept off the market, while today the evil of surplus lies in its being thrown upon the market.
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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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Always buy your straw hats in the Winter
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In the short-run, the market is a voting machine – reflecting a voter-registration test that requires only money, not intelligence or emotional stability – but in the long- run, the market is a weighing machine.
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Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
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Intelligent investment is more a matter of mental approach than it is of technique. A sound mental approach toward stock fluctuations is the touchstone of all successful investment under present-day conditions.
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The intelligent investor is likely to need considerable will power to keep from following the crowd.
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A speculator gambles that a stock will go up in price because somebody else will pay even more for it.
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Whether we like it or not, government intervention in the face of surplus is here to stay.
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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
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Whenever the investor sold out in an upswing as soon as the top level of the previous well-recognized bull market was reached, he had a chance in the next bear market to buy back at one third (or better) below his selling price.
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Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety.
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Though business conditions may change, corporations and securities may change, and financial institutions and regulations may change, human nature remains the same.
BENJAMIN GRAHAM