Investing is most intelligent when it is most businesslike.
BENJAMIN GRAHAMStocks can be dynamite.
More Benjamin Graham Quotes
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Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety.
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The intelligent investor shouldn’t ignore Mr. Market entirely. Instead, you should do business with him- but only to the extent that it serves your interests.
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The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.
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The essence of investment management is the management of risks, not the management of returns.
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The thing that I have been emphasizing in my own work for the last few years has been the group approach. To try to buy groups of stocks that meet some simple criterion for being undervalued-regardless of the industry and with very little attention to the individual company.
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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).
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An investor calculates what a stock is worth, based on the value of its businesses.
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Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
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I am more and more impressed with the possibilities of history’s repeating itself on many different counts. You don’t get very far in Wall Street with the simple, convenient conclusion that a given level of prices is not too high.
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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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The people of the United States will not tolerate another deep depression that arises not from any lack of natural resources, productive capacity or man and brain power, but solely from imperfections in the functioning of the system of finance capitalism.
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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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It requires strength of character in order to think and to act in opposite fashion from the crowd and also patience to wait for opportunities that may be spaced years apart.
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To establish the right price for a stock, the market must have adequate information, but it by no means follows that is the market has this information it will thereupon establish the right price.
BENJAMIN GRAHAM