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.
BENJAMIN GRAHAMIt’s nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.
More Benjamin Graham Quotes
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Rather should we say that the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion.
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Most businesses change in character and quality over the years, sometimes for the better, perhaps more often for the worse. The investor need not watch his companies’ performance like a hawk; but he should give it a good, hard look from time to time.
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The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.
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Successful investing is about managing risk, not avoiding it.
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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 investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.
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The sillier the market’s behavior, the greater the opportunity for the business like investor.
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A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.
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there is a tendency in part of Wall Street people to pay excessive attention to the most recent figures and the present financial picture.
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To be an investor you must be a believer in a better tomorrow.
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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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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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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.
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The utility, or intrinsic value of gold as a commodity is now considerably less than in the past; its monetary status has become extraordinarily ambiguous; and its future is highly uncertain.
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You must never delude yourself into thinking that you’re investing when you’re speculating.
BENJAMIN GRAHAM