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.
BENJAMIN GRAHAMLosing some money is an inevitable part of investing, and there’s nothing you can do to prevent it. But to be an intelligent investor, you must take responsibility for ensuring that you never lose most or all of your money.
More Benjamin Graham Quotes
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Successful investing is about managing risk, not avoiding it.
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Intelligent investment is more a matter of mental approach than it is of technique. A sound mental approach toward stock fluctuations is the touchstone of all successful investment under present-day conditions.
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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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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.
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The purpose of this book is to supply, in the form suitable for laymen, guidance in the adoption and execution of an investment policy.
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People who invest make money for themselves; people who speculate make money for their brokers. And that, in turn, is why Wall Street perennially downplays the durable virtues of investing and hypes the gaudy appeal of speculation.
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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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Whether we like it or not, government intervention in the face of surplus is here to stay.
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Never buy a stock because it has gone up or sell one because it has gone down.
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To enjoy a reasonable chance for continued better than average results, the investor must follow policies which are (1) inherently sound and promising, and (2) not popular on Wall Street.
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The idea of storage as a solution of economic problems at least has the support of common sense.It is diametrically opposed to the topsy-turvy Alice-in-Wonderland reasoning that has marked so much of our depression thinking and policy.
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A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.
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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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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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It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
BENJAMIN GRAHAM