Individuals who cannot master their emotions are ill-suited to profit from the investment process.
BENJAMIN GRAHAMIt is absurd to think that the general public can ever make money out of market forecasts.
More Benjamin Graham Quotes
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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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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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The investor who permits himself to be stampeded or unduly worried by unjustified market declines in his holdings is perversely transforming his basic advantage into a basic disadvantage.
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To enjoy a reasonable chance for continued better than average results, the investor must follow policies which are (1) inherently sound and promising, and (2) not popular on Wall Street.
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At heart, “uncertainty” and “investing” are synonyms.
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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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When somebody asserts that a stock has an earning power of so much, I am sure that the person who hears him doesn’t know what he means, and there is a good chance that the man who uses it doesn’t know what it means.
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It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
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The investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could vary widely in market price in response to changes in interest rates.
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The Reservoir system will function not only as an equalizer of business conditions, but also as a national store to meet further emergencies, such as war and drought, and-most important of all-as the concrete means of developing a steadily higher living standard for all.
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An investor calculates what a stock is worth, based on the value of its businesses.
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The modern world is not geared properly to the storage of goods.
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For 99 issues out of 100 we could say that at some price they are cheap enough to buy and at some price they would be so dear that they would be sold.
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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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Confusing speculation with investment is always a mistake.
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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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In an ideal world, the intelligent investor would hold stocks only when they are cheap and sell them when they become overpriced, then duck into the bunker of bonds and cash until stocks again become cheap enough to buy.
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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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Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.
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High valuations entail high risks.
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Buy not on optimism, but on arithmetic.
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It is no difficult trick to bring a great deal of energy, study, and native ability into Wall Street and to end up with losses instead of profits. These virtues, if channeled in the wrong directions, become indistinguishable from handicaps.
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The defensive (or passive) investor will place chief emphasis on the avoidance of serious mistakes or losses. His second aim will be freedom from effort, annoyance, and the need for making frequent decisions.
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The true investor… will do better if he forgets about the stock market and pays attention to his dividend returns and to the operation results of his companies.
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Both individual skill (art) and chance are important factors in determining success or failure.
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Wall Street has a few prudent principles; the trouble is that they are always forgotten when they are most needed.
BENJAMIN GRAHAM