In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.
BENJAMIN GRAHAMNearly everyone interested in common stocks wants to be told by someone else what he thinks the market is going to do. The demand being there, it must be supplied.
More Benjamin Graham Quotes
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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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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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A great company is not a great investment if you pay too much for the stock.
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Stock speculation is largely a matter of A trying to decide what B, C and D are likely to think-with B, C and D trying to do the same.
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you may take it as an axiom that you cannot profit in Wall Street by continuously doing the obvious or the popular thing
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Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble… to give way to hope, fear and greed.
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Obvious prospects for physical growth in a business do not translate into obvious profits for investors.
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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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Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.
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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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We urge the beginner in security buying not to waste his efforts and his money in trying to beat the market. Let him study security values and initially test out his judgment on price versus value with the smallest possible sums.
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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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Experience teaches that the time to buy stocks is when their price is unduly depressed by temporary adversity. In other words, they should be bought on a bargain basis or not at all.
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Always buy your straw hats in the Winter
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Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.
BENJAMIN GRAHAM