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.
BENJAMIN GRAHAMA 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.
More Benjamin Graham Quotes
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The value of the security analyst to the investor depends largely on the investor’s own attitude. If the investor asks the analyst the right questions, he is likely to get the right or at least valuable answers.
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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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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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Investing is most intelligent when it is most businesslike.
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Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.
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Although there are good and bad companies, there is no such thing as a good stock; there are only good stock prices, which come and go.
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By developing your discipline and courage, you can refuse to let other people’s mood swings govern your financial destiny. In the end, how your investments behave is much less important than how you behave.
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Whenever the investor sold out in an upswing as soon as the top level of the previous well-recognized bull market was reached, he had a chance in the next bear market to buy back at one third (or better) below his selling price.
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The existence of such a war chest might go far to strengthen our prestige and frighten off any would be assailant.
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The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.
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The most striking thing about Graham’s discussion of how to allocate your assets between stocks and bonds is that he never mentions the word “age”.
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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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In the short-run, the market is a voting machine – reflecting a voter-registration test that requires only money, not intelligence or emotional stability – but in the long- run, the market is a weighing machine.
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Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
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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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