Buy not on optimism, but on arithmetic.
BENJAMIN GRAHAMIf I have noticed anything over these 60 years on Wall Street, it is that people do not succeed in forecasting what`s going to happen to the stock market.
More Benjamin Graham Quotes
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It is a misfortune of the times that all of us must needs be amateur economists-including, and perhaps especially, the professionals.
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Whenever the investor sold out in an upswing as soon as the top level of the previous well-recognized bull market was reached, he had a chance in the next bear market to buy back at one third (or better) below his selling price.
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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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Both a priori reasoning and experience teach us that as as these funds grow larger the geometrical rate of growth by compound interest ultimately defeats itself.
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The existence of such a war chest might go far to strengthen our prestige and frighten off any would be assailant.
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Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it.
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The memory of the financial community is proverbially and distressingly short.
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Even the most conservative must realize that the recent transformation of surplus from an individual to a national disaster implies a scathing indictment of our capitalist system as it has now developed.
BENJAMIN GRAHAM -
Whether we like it or not, government intervention in the face of surplus is here to stay.
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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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The essence of investment management is the management of risks, not the management of returns.
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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.
BENJAMIN GRAHAM -
The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.
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To be an investor you must be a believer in a better tomorrow.
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High valuations entail high risks.
BENJAMIN GRAHAM