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 GRAHAMWall Street has a few prudent principles; the trouble is that they are always forgotten when they are most needed.
More Benjamin Graham Quotes
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Every corporate security may be best viewed, in the first instance, as an ownership interest in, or a claim against, a specific business enterprise.
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The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.
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In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities.
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The modern world is not geared properly to the storage of goods.
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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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Do not let anyone else run your business
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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.
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The intelligent investor is a realist who sells to optimists and buys from pessimists.
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To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.
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High valuations entail high risks.
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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.
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The intelligent investor gets interested in big growth stocks not when they are at their most popular – but when something goes wrong.
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Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety.
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Confusing speculation with investment is always a mistake.
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A speculator gambles that a stock will go up in price because somebody else will pay even more for it.
BENJAMIN GRAHAM