Always buy your straw hats in the Winter
BENJAMIN GRAHAMThe intelligent investor gets interested in big growth stocks not when they are at their most popular – but when something goes wrong.
More Benjamin Graham Quotes
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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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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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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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Those with the enterprise lack the money and those with the money lack the enterprise to buy stocks when they are cheap.
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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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Never mingle your speculative and investment operations in the same account nor in any part of your thinking.
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In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.
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In the financial markets, hindsight is forever 20/20, but foresight is legally blind. And thus, for most investors, market timing is a practical and emotional impossibility.
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Every corporate security may be best viewed, in the first instance, as an ownership interest in, or a claim against, a specific business enterprise.
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You must never delude yourself into thinking that you’re investing when you’re speculating.
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Nearly everyone interested in common stocks wants to be told by someone else what he thinks the market is going to do. The demand being there, it must be supplied.
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Do not let anyone else run your business
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It is worth pointing out that assuredly not more than one person out of a hundred who stayed in the market after after 1925 emerged from it with a net profit and that the speculative losses taken were appalling.
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High valuations entail high risks.
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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.
BENJAMIN GRAHAM