Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.
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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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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We urge the beginner in security buying not to waste his efforts and his money in trying to beat the market. Let him study security values and initially test out his judgment on price versus value with the smallest possible sums.
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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 best way to measure your investing success is not by whether you’re beating the market but by whether you’ve put in place a financial plan and a behavioral discipline that are likely to get you where you want to go.
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Though business conditions may change, corporations and securities may change, and financial institutions and regulations may change, human nature remains the same.
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The genuine investor in common stocks does not need a great equipment of brain and knowledge, but he does need some unusual qualities of character
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Knowledge is only one ingredient on arriving at a stock’s proper price. The other ingredient, fully as important as information, is sound judgment.
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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 only thing you should do with pro forma earnings is ignore them.
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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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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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Investing isn’t about beating others at their game. It’s about controlling yourself at your own game.
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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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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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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.
BENJAMIN GRAHAM