The intelligent investor is a realist who sells to optimists and buys from pessimists.
BENJAMIN GRAHAMTHERE 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.
More Benjamin Graham Quotes
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In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.
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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 investor’s chief problem – and even his worst enemy – is likely to be himself.
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Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.
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Unusually rapid growth cannot keep up forever; when a company has already registered a brilliant expansion, its very increase in size makes a repetition of its achievement more difficult.
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Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it – even though others may hesitate or differ.
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Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.
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Do not let anyone else run your business
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Successful investing is about managing risk, not avoiding it.
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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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High valuations entail high risks.
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The only thing you should do with pro forma earnings is ignore them.
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There is something paradoxical in the fact that by establishing an export market we subject our entire domestic production to the vagaries of that market.
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The Reservoir plan is an engineering mechanism applied to the field of economics, and in its essence it has nothing to do with democracy or any other political philosophy.
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Undervaluations caused by neglect or prejudice may persist for an inconveniently long time, and the same applies to inflated prices caused by over-enthusiasm or artificial stimulants.
BENJAMIN GRAHAM