To establish the right price for a stock, the market must have adequate information, but it by no means follows that is the market has this information it will thereupon establish the right price.
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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The best values today are often found in the stocks that were once hot and have since gone cold.
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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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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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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 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.
BENJAMIN GRAHAM -
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.
BENJAMIN GRAHAM -
The world has not learned the technique of balanced expansion without the resultant commercial and financial congestion.
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The modern world is not geared properly to the storage of goods.
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Stock speculation is largely a matter of A trying to decide what B, C and D are likely to think-with B, C and D trying to do the same.
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To be an investor you must be a believer in a better tomorrow.
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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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The qualitative factors upon which most stress is laid are the nature of the business and the character of the management. These elements are exceedingly important, but they are also exceedingly difficult to deal with intelligently.
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Traditionally the investor has been the man with patience and the courage of his convictions who would buy when the harried or disheartened speculator was selling.
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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.
BENJAMIN GRAHAM