If fees consume more than 1% of your assets annually, you should probably shop for another adviser.
BENJAMIN GRAHAMBy 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.
More Benjamin Graham Quotes
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Buy not on optimism, but on arithmetic.
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The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.
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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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There is a close logical connection between the concept of a safety margin and the principle of diversification.
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Though business conditions may change, corporations and securities may change, and financial institutions and regulations may change, human nature remains the same.
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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 intelligent investor is likely to need considerable will power to keep from following the crowd.
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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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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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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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The investor’s primary interest lies in acquiring and holding suitable securities at suitable prices.
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Obvious prospects for physical growth in a business do not translate into obvious profits for investors.
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Individuals who cannot master their emotions are ill-suited to profit from the investment process.
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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.
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At heart, “uncertainty” and “investing” are synonyms.
BENJAMIN GRAHAM