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 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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People who invest make money for themselves; people who speculate make money for their brokers. And that, in turn, is why Wall Street perennially downplays the durable virtues of investing and hypes the gaudy appeal of speculation.
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Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it – even though others may hesitate or differ.
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Do not let anyone else run your business
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Investing isn’t about beating others at their game. It’s about controlling yourself at your own game.
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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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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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Losing some money is an inevitable part of investing, and there’s nothing you can do to prevent it. But to be an intelligent investor, you must take responsibility for ensuring that you never lose most or all of your money.
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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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Many progressive economists insist that gold is now in essentially the same position as silver and that the arguments the simon-pure gold advocates use against the white metal can be directed with equal effect against their own fetish.
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Wall Street people learn nothing and forget everything.
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It is a misfortune of the times that all of us must needs be amateur economists-including, and perhaps especially, the professionals.
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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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If you are shopping for common stocks, choose them the way you would buy groceries, not the way you would buy perfume.
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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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Whether we like it or not, government intervention in the face of surplus is here to stay.
BENJAMIN GRAHAM








