It is a misfortune of the times that all of us must needs be amateur economists-including, and perhaps especially, the professionals.
BENJAMIN GRAHAMIt is a fact worth pondering that four centuries ago the evil of “an abundance or surplus” arose from its being kept off the market, while today the evil of surplus lies in its being thrown upon the market.
More Benjamin Graham Quotes
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The intelligent investor is a realist who sells to optimists and buys from pessimists.
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In the short run, the market is a voting machine, but in the long run it is a weighing machine.
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An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.
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In security analysis the prime stress is laid upon protection against untoward events. We obtain this protection by insisting upon margins of safety, or values well in excess of the price paid.
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A great company is not a great investment if you pay too much for the stock.
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Calculate a stock’s price/earnings ratio yourself, using Graham’s formula of current price divided by average earnings over the past three years.
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An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.
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Instead of passing blithely over into that Promised Land, flowing almost literally with milk and honey, it may be our destiny to wander a full 40 years or more in the wilderness of doubt and divided sentiments.
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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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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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The best values today are often found in the stocks that were once hot and have since gone cold.
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Speculators often prosper through ignorance; it is a cliché that in a roaring bull market knowledge is superfluous and experience is a handicap. But the typical experience of the speculator is one of temporary profit and ultimate loss
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It is a fact worth pondering that four centuries ago the evil of “an abundance or surplus” arose from its being kept off the market, while today the evil of surplus lies in its being thrown upon the market.
BENJAMIN GRAHAM -
The world has not learned the technique of balanced expansion without the resultant commercial and financial congestion.
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Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it.
BENJAMIN GRAHAM