In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.
BENJAMIN GRAHAMStocks can be dynamite.
More Benjamin Graham Quotes
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Stocks can be dynamite.
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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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No statement is more true and better applicable to Wall Street than the famous warning of Santayana: “Those who do not remember the past are condemned to repeat it”.
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Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
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The sillier the market’s behavior, the greater the opportunity for the business like investor.
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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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Never mingle your speculative and investment operations in the same account nor in any part of your thinking.
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To have a true investment, there must be a true margin of safety. And a true margin of safety is one that can be demonstrated by figures, by persuasive reasoning, and by reference to a body of actual experience.
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Thus the important and difficult part of sound investment, which hinges upon the investor’s own temperament and attitude, is not much affected by the passing years.
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The existence of such a war chest might go far to strengthen our prestige and frighten off any would be assailant.
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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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Always buy your straw hats in the Winter
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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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Stock speculation is largely a matter of A trying to decide what B, C and D are likely to think-with B, C and D trying to do the same.
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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