Why should the cotton growers suffer if there is shortage of wheat?
BENJAMIN GRAHAMIn the old legend the wise men finally boiled down the history of mortal affairs into a single phrase: ‘This too will pass.’
More Benjamin Graham Quotes
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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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To be an investor you must be a believer in a better tomorrow.
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It must be fundamentally wrong to reduce production of food and fiber while one-third of our population is still ill fed and ill clothed.
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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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In the short run, the market is a voting machine, but in the long run it is a weighing machine.
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Instead of passing blithely over into that Promised Land, flowing almost literally with milk and honey, it may be our destiny to wander a full 40 years or more in the wilderness of doubt and divided sentiments.
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It requires strength of character in order to think and to act in opposite fashion from the crowd and also patience to wait for opportunities that may be spaced years apart.
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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.
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There is a close logical connection between the concept of a safety margin and the principle of diversification.
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The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.
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Successful investing is about managing risk, not avoiding it.
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The true investor… will do better if he forgets about the stock market and pays attention to his dividend returns and to the operation results of his companies.
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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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Good managements produce a good average market price, and bad managements produce bad market prices.
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The investor’s primary interest lies in acquiring and holding suitable securities at suitable prices.
BENJAMIN GRAHAM