As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily against him.
BENJAMIN GRAHAMBefore 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.
More Benjamin Graham Quotes
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Individuals who cannot master their emotions are ill-suited to profit from the investment process.
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Mr. Market’s job is to provide you with prices; your job is to decide whether it is to your advantage to act on them. You no not have to trade with hime just because he constantly begs you to.
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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 true investor… will do better if he forgets about the stock market and pays attention to his dividend returns and to the operation results of his companies.
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An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.
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Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.
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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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… the loss of public confidence in the financial community growing out of its own conduct in recent years. I insist that more damage has been done to stock values and to the future of equities from inside Wall Street than from outside Wall Street.
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You must never delude yourself into thinking that you’re investing when you’re speculating.
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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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Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.
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The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.
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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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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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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.
BENJAMIN GRAHAM