Confusing speculation with investment is always a mistake.
BENJAMIN GRAHAMThe qualitative factors upon which most stress is laid are the nature of the business and the character of the management. These elements are exceedingly important, but they are also exceedingly difficult to deal with intelligently.
More Benjamin Graham Quotes
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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 volume of credit depends upon three factors: the desire to borrow, the ability to lend and the desire to lend.
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A great company is not a great investment if you pay too much for the stock.
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The value of any investment is, and always must be, a function of the price you pay for it.
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Successful investing is about managing risk, not avoiding it.
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Whether we like it or not, government intervention in the face of surplus is here to stay.
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Real investment risk is measured not by the percent that a stock may decline in price in relation to the general market in a given period, but by the danger of a loss of quality and earnings power through economic changes or deterioration in management.
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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 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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Why should the cotton growers suffer if there is shortage of wheat?
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The value of the security analyst to the investor depends largely on the investor’s own attitude. If the investor asks the analyst the right questions, he is likely to get the right or at least valuable answers.
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Buy not on optimism, but on arithmetic.
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It is no difficult trick to bring a great deal of energy, study, and native ability into Wall Street and to end up with losses instead of profits. These virtues, if channeled in the wrong directions, become indistinguishable from handicaps.
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Obvious prospects for physical growth in a business do not translate into obvious profits for investors.
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THERE is widespread agreement among economists that abuse of credit constitutes one of the chief unwholesome elements in business booms and is mainly responsible for the ensuing crash and depression.
BENJAMIN GRAHAM