Whether we like it or not, government intervention in the face of surplus is here to stay.
BENJAMIN GRAHAMWhether we like it or not, government intervention in the face of surplus is here to stay.
BENJAMIN GRAHAMThe essence of investment management is the management of risks, not the management of returns.
BENJAMIN GRAHAMNothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.
BENJAMIN GRAHAMThe intelligent investor gets interested in big growth stocks not when they are at their most popular – but when something goes wrong.
BENJAMIN GRAHAMBoth a priori reasoning and experience teach us that as as these funds grow larger the geometrical rate of growth by compound interest ultimately defeats itself.
BENJAMIN GRAHAMIt must be fundamentally wrong to reduce production of food and fiber while one-third of our population is still ill fed and ill clothed.
BENJAMIN GRAHAMFor 99 issues out of 100 we could say that at some price they are cheap enough to buy and at some price they would be so dear that they would be sold.
BENJAMIN GRAHAMIt requires strength of character in order to think and to act in opposite fashion from the crowd and also patience to wait for opportunities that may be spaced years apart.
BENJAMIN GRAHAMMost businesses change in character and quality over the years, sometimes for the better, perhaps more often for the worse. The investor need not watch his companies’ performance like a hawk; but he should give it a good, hard look from time to time.
BENJAMIN GRAHAMA stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.
BENJAMIN GRAHAMNo statement is more true and better applicable to Wall Street than the famous warning of Santayana: “Those who do not remember the past are condemned to repeat it”.
BENJAMIN GRAHAMThe Reservoir plan is an engineering mechanism applied to the field of economics, and in its essence it has nothing to do with democracy or any other political philosophy.
BENJAMIN GRAHAMAlthough 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.
BENJAMIN GRAHAMConfusing speculation with investment is always a mistake.
BENJAMIN GRAHAMA great company is not a great investment if you pay too much for the stock.
BENJAMIN GRAHAMIn the short run, the market is a voting machine, but in the long run it is a weighing machine.
BENJAMIN GRAHAM