The story of Joseph in Egypt and of the seven fat and the seven lean years has passed into the homely wisdom of the ages; but our economic thinking seems to have lost contact with so simple and basic approach to prudent management of a nations welfare.
BENJAMIN GRAHAMSuccessful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it.
More Benjamin Graham Quotes
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High valuations entail high risks.
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The investor’s primary interest lies in acquiring and holding suitable securities at suitable prices.
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Successful investment may become substantially a matter of techniques and criteria that are learnable, rather than the product of unique and incommunicable mental powers.
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As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily against him.
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The modern world is not geared properly to the storage of goods.
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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.
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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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Even defensive portfolios should be changed from time to time, especially if the securities purchased have an apparently excessive advance and can be replaced by issues much more reasonable priced.
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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
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In the old legend the wise men finally boiled down the history of mortal affairs into a single phrase: ‘This too will pass.’
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A great company is not a great investment if you pay too much for the stock.
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The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.
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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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We define a bargain issue as one which, on the basis of facts established by analysis, appears to be worth considerably more that it is selling for.
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Do not let anyone else run your business
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