It is absurd to think that the general public can ever make money out of market forecasts.
BENJAMIN GRAHAMConfronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety.
More Benjamin Graham Quotes
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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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Both individual skill (art) and chance are important factors in determining success or failure.
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The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.
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there is a tendency in part of Wall Street people to pay excessive attention to the most recent figures and the present financial picture.
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To see how much a company is truly earning on the capital it deploys in its businesses, look beyond EPS to Return on Invested Capital (ROIC).
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The investor’s chief problem – and even his worst enemy – is likely to be himself.
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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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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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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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Diversification is an established tenet of conservative investment.
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I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities.
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Undervaluations caused by neglect or prejudice may persist for an inconveniently long time, and the same applies to inflated prices caused by over-enthusiasm or artificial stimulants.
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Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble… to give way to hope, fear and greed.
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At heart, “uncertainty” and “investing” are synonyms.
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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.
BENJAMIN GRAHAM