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.
BENJAMIN GRAHAMTo 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.
More Benjamin Graham Quotes
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Never mingle your speculative and investment operations in the same account nor in any part of your thinking.
BENJAMIN GRAHAM -
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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Speculative stock movements are carried too far in both directions, frequently in the general market and at all times in at least some of the individual issues.
BENJAMIN GRAHAM -
Those with the enterprise lack the money and those with the money lack the enterprise to buy stocks when they are cheap.
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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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Successful investing is about managing risk, not avoiding it.
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Unusually rapid growth cannot keep up forever; when a company has already registered a brilliant expansion, its very increase in size makes a repetition of its achievement more difficult.
BENJAMIN GRAHAM -
Wall Street people learn nothing and forget everything.
BENJAMIN GRAHAM -
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.
BENJAMIN GRAHAM -
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).
BENJAMIN GRAHAM -
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.
BENJAMIN GRAHAM -
Mr. Market’s job is to provide you with prices; your job is to decide whether it is to your advantage to act on them. You no not have to trade with hime just because he constantly begs you to.
BENJAMIN GRAHAM -
To be an investor you must be a believer in a better tomorrow.
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Good managements produce a good average market price, and bad managements produce bad market prices.
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It is absurd to think that the general public can ever make money out of market forecasts.
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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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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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The memory of the financial community is proverbially and distressingly short.
BENJAMIN GRAHAM -
The 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 GRAHAM -
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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There is a close logical connection between the concept of a safety margin and the principle of diversification.
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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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Before you place your financial future in the hands of an adviser, it’s imperative that you find someone who not only makes you comfortable but whose honesty is beyond reproach.
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Investing is most intelligent when it is most businesslike.
BENJAMIN GRAHAM -
It 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 GRAHAM -
Wall Street has a few prudent principles; the trouble is that they are always forgotten when they are most needed.
BENJAMIN GRAHAM