A 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 GRAHAMAn investor calculates what a stock is worth, based on the value of its businesses.
More Benjamin Graham Quotes
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It 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.
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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 intelligent investor shouldn’t ignore Mr. Market entirely. Instead, you should do business with him- but only to the extent that it serves your interests.
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Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.
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High valuations entail high risks.
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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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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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Wall Street people learn nothing and forget everything.
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Diversification is an established tenet of conservative investment.
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Both 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.
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The qualitative factors upon which most stress is laid are the nature of the business and the character of the management. These elements are exceedingly important, but they are also exceedingly difficult to deal with intelligently.
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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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The investor’s primary interest lies in acquiring and holding suitable securities at suitable prices.
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Even the most conservative must realize that the recent transformation of surplus from an individual to a national disaster implies a scathing indictment of our capitalist system as it has now developed.
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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”.
BENJAMIN GRAHAM