Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
BENJAMIN GRAHAMInvesting isn’t about beating others at their game. It’s about controlling yourself at your own game.
More Benjamin Graham Quotes
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To see how much a company is truly earning on the capital it deploys in its businesses, look beyond EPS to Return on Invested Capital (ROIC).
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If General Motors is worth $60 a share to an investor it must be because the full common-stock ownership of this gigantic enterprise as a whole is worth 43 million (shares) times $60, or no less than $2,600 million.
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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 system will function not only as an equalizer of business conditions, but also as a national store to meet further emergencies, such as war and drought, and-most important of all-as the concrete means of developing a steadily higher living standard for all.
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In an ideal world, the intelligent investor would hold stocks only when they are cheap and sell them when they become overpriced, then duck into the bunker of bonds and cash until stocks again become cheap enough to buy.
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At heart, “uncertainty” and “investing” are synonyms.
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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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In the financial markets, hindsight is forever 20/20, but foresight is legally blind. And thus, for most investors, market timing is a practical and emotional impossibility.
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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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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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The utility, or intrinsic value of gold as a commodity is now considerably less than in the past; its monetary status has become extraordinarily ambiguous; and its future is highly uncertain.
BENJAMIN GRAHAM -
There is no reason to feel any shame in hiring someone to pick stocks or mutual funds for you. But there’s one responsibility that you must never delegate. You, and no one but you, must investigate whether an adviser is trustworthy and charges reasonable fees.
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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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The investor’s primary interest lies in acquiring and holding suitable securities at suitable prices.
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The ideal form of common stock analysis leads to a valuation of the issue which can be compared with the current price to determine whether or not the security is an attractive purchase.
BENJAMIN GRAHAM