Do not let anyone else run your business
BENJAMIN GRAHAMThe only thing you should do with pro forma earnings is ignore them.
More Benjamin Graham Quotes
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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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The value of any investment is, and always must be, a function of the price you pay for it.
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The idea of storage as a solution of economic problems at least has the support of common sense.It is diametrically opposed to the topsy-turvy Alice-in-Wonderland reasoning that has marked so much of our depression thinking and policy.
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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 intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.
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We have not known a single person who has consistently or lastingly make money by thus “following the market”. We do not hesitate to declare this approach is as fallacious as it is popular.
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A great company is not a great investment if you pay too much for the stock.
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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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In the old legend the wise men finally boiled down the history of mortal affairs into a single phrase: ‘This too will pass.’
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As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily against him.
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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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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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Successful investment may become substantially a matter of techniques and criteria that are learnable, rather than the product of unique and incommunicable mental powers.
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The intelligent investor is likely to need considerable will power to keep from following the crowd.
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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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The ideal form of common stock analysis leads to a valuation of the issue which can be compared with the current price to determine whether or not the security is an attractive purchase.
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In the financial markets, hindsight is forever 20/20, but foresight is legally blind. And thus, for most investors, market timing is a practical and emotional impossibility.
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Obvious prospects for physical growth in a business do not translate into obvious profits for investors.
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Stock speculation is largely a matter of A trying to decide what B, C and D are likely to think-with B, C and D trying to do the same.
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If I have noticed anything over these 60 years on Wall Street, it is that people do not succeed in forecasting what`s going to happen to the stock market.
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To establish the right price for a stock, the market must have adequate information, but it by no means follows that is the market has this information it will thereupon establish the right price.
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You must never delude yourself into thinking that you’re investing when you’re speculating.
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The thing that I have been emphasizing in my own work for the last few years has been the group approach. To try to buy groups of stocks that meet some simple criterion for being undervalued-regardless of the industry and with very little attention to the individual company.
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No matter how careful you are, the one risk no investor can ever eliminate is the risk of being wrong. Only by insisting on what Graham called the “margin of safety” – never overpaying, no matter how exciting an investment seems to be – can you minimize your odds of error.
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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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There is a close logical connection between the concept of a safety margin and the principle of diversification.
BENJAMIN GRAHAM