You must never delude yourself into thinking that you’re investing when you’re speculating.
BENJAMIN GRAHAMBuy not on optimism, but on arithmetic.
More Benjamin Graham Quotes
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Before you invest, you must ensure that you have realistically assessed your probability of being right and how you will react to the consequences of being wrong.
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Both individual skill (art) and chance are important factors in determining success or failure.
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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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A speculator gambles that a stock will go up in price because somebody else will pay even more for it.
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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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Whether we like it or not, government intervention in the face of surplus is here to stay.
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The intelligent investor is likely to need considerable will power to keep from following the crowd.
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To be an investor you must be a believer in a better tomorrow.
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It must be fundamentally wrong to reduce production of food and fiber while one-third of our population is still ill fed and ill clothed.
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The modern world is not geared properly to the storage of goods.
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Undervaluations caused by neglect or prejudice may persist for an inconveniently long time, and the same applies to inflated prices caused by over-enthusiasm or artificial stimulants.
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Calculate a stock’s price/earnings ratio yourself, using Graham’s formula of current price divided by average earnings over the past three years.
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Buy not on optimism, but on arithmetic.
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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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Speculators often prosper through ignorance; it is a cliché that in a roaring bull market knowledge is superfluous and experience is a handicap. But the typical experience of the speculator is one of temporary profit and ultimate loss
BENJAMIN GRAHAM