Wall Street has a few prudent principles; the trouble is that they are always forgotten when they are most needed.
BENJAMIN GRAHAMIntelligent 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.
More Benjamin Graham Quotes
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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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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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Never mingle your speculative and investment operations in the same account nor in any part of your thinking.
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Buy not on optimism, but on arithmetic.
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Successful investing is about managing risk, not avoiding it.
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The existence of such a war chest might go far to strengthen our prestige and frighten off any would be assailant.
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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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Whether we like it or not, government intervention in the face of surplus is here to stay.
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Never buy a stock because it has gone up or sell one because it has gone down.
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We define a bargain issue as one which, on the basis of facts established by analysis, appears to be worth considerably more that it is selling for.
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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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No 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”.
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A great company is not a great investment if you pay too much for the stock.
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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 investor’s chief problem – and even his worst enemy – is likely to be himself.
BENJAMIN GRAHAM