To see how much a company is truly earning on the capital it deploys in its businesses, look beyond EPS to Return on Invested Capital (ROIC).
BENJAMIN GRAHAMI quickly convinced myself that the true key to material happiness lay in a modest standard of living which could be achieved with little difficulty under almost all economic conditions.
More Benjamin Graham Quotes
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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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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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An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.
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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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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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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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It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
BENJAMIN GRAHAM -
I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities.
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Diversification is an established tenet of conservative investment.
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The modern world is not geared properly to the storage of goods.
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Obvious prospects for physical growth in a business do not translate into obvious profits for investors.
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An investor calculates what a stock is worth, based on the value of its businesses.
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The idea of storage as a solution of economic problems at least has the support of common sense.It is diametrically opposed to the topsy-turvy Alice-in-Wonderland reasoning that has marked so much of our depression thinking and policy.
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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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Confusing speculation with investment is always a mistake.
BENJAMIN GRAHAM