Rather should we say that the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion.
BENJAMIN GRAHAMAvoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
More Benjamin Graham Quotes
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If fees consume more than 1% of your assets annually, you should probably shop for another adviser.
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By refusing to pay too much for an investment, you minimize the chances that your wealth will ever disappear or suddenly be destroyed.
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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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The defensive (or passive) investor will place chief emphasis on the avoidance of serious mistakes or losses. His second aim will be freedom from effort, annoyance, and the need for making frequent decisions.
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The sillier the market’s behavior, the greater the opportunity for the business like investor.
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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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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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When somebody asserts that a stock has an earning power of so much, I am sure that the person who hears him doesn’t know what he means, and there is a good chance that the man who uses it doesn’t know what it means.
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Price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal.
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The investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could vary widely in market price in response to changes in interest rates.
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Always buy your straw hats in the Winter
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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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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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The only thing you should do with pro forma earnings is ignore them.
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In the short run, the market is a voting machine, but in the long run it is a weighing machine.
BENJAMIN GRAHAM