Never buy a stock because it has gone up or sell one because it has gone down.
BENJAMIN GRAHAMEven defensive portfolios should be changed from time to time, especially if the securities purchased have an apparently excessive advance and can be replaced by issues much more reasonable priced.
More Benjamin Graham Quotes
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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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A great company is not a great investment if you pay too much for the stock.
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Obvious prospects for physical growth in a business do not translate into obvious profits for investors.
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Good managements produce a good average market price, and bad managements produce bad market prices.
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Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.
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Wall Street has a few prudent principles; the trouble is that they are always forgotten when they are most needed.
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The value of any investment is, and always must be, a function of the price you pay for it.
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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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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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Real investment risk is measured not by the percent that a stock may decline in price in relation to the general market in a given period, but by the danger of a loss of quality and earnings power through economic changes or deterioration in management.
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The investor’s chief problem – and even his worst enemy – is likely to be himself.
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The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.
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It’s nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.
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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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The purpose of this book is to supply, in the form suitable for laymen, guidance in the adoption and execution of an investment policy.
BENJAMIN GRAHAM