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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.

Benjamin Graham

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Experts Optimistic

Many progressive economists insist that gold is now in essentially the same position as silver and that the arguments the simon-pure gold advocates use against the white metal can be directed with equal effect against their own fetish.
BENJAMIN GRAHAM

Arguments Use White
Buy not on optimism, but on arithmetic.
BENJAMIN GRAHAM

Intelligent Investing Optimism
Investing is most intelligent when it is most businesslike.
BENJAMIN GRAHAM

Intelligent Investing
The intelligent investor is a realist who sells to optimists and buys from pessimists.
BENJAMIN GRAHAM

Intelligent Investing Realist
Always buy your straw hats in the Winter

BENJAMIN GRAHAM

Always buy your straw hats in the Winter
BENJAMIN GRAHAM

Hat Investing Winter
Undervaluations caused by neglect or prejudice may persist for an inconveniently long time, and the same applies to inflated prices caused by over-enthusiasm or artificial stimulants.

BENJAMIN GRAHAM

Undervaluations caused by neglect or prejudice may persist for an inconveniently long time, and the same applies to inflated prices caused by over-enthusiasm or artificial stimulants.
BENJAMIN GRAHAM

Enthusiasm Long May
Diversification is an established tenet of conservative investment.
BENJAMIN GRAHAM

Conservative Investing
there is a tendency in part of Wall Street people to pay excessive attention to the most recent figures and the present financial picture.

BENJAMIN GRAHAM

there is a tendency in part of Wall Street people to pay excessive attention to the most recent figures and the present financial picture.
BENJAMIN GRAHAM
Before you place your financial future in the hands of an adviser, it’s imperative that you find someone who not only makes you comfortable but whose honesty is beyond reproach.
BENJAMIN GRAHAM

Investing
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.
BENJAMIN GRAHAM

Investing
The essence of investment management is the management of risks, not the management of returns.

BENJAMIN GRAHAM

The essence of investment management is the management of risks, not the management of returns.
BENJAMIN GRAHAM

Investing
The only thing you should do with pro forma earnings is ignore them.
BENJAMIN GRAHAM

Earning Investing Should
The investor’s primary interest lies in acquiring and holding suitable securities at suitable prices.
BENJAMIN GRAHAM

Timing
Never buy a stock because it has gone up or sell one because it has gone down.

BENJAMIN GRAHAM

Never buy a stock because it has gone up or sell one because it has gone down.
BENJAMIN GRAHAM

Gone Investing Sell
Most businesses change in character and quality over the years, sometimes for the better, perhaps more often for the worse. The investor need not watch his companies’ performance like a hawk; but he should give it a good, hard look from time to time.

BENJAMIN GRAHAM

Most businesses change in character and quality over the years, sometimes for the better, perhaps more often for the worse. The investor need not watch his companies’ performance like a hawk; but he should give it a good, hard look from time to time.
BENJAMIN GRAHAM

Years
Thus the important and difficult part of sound investment, which hinges upon the investor’s own temperament and attitude, is not much affected by the passing years.
BENJAMIN GRAHAM

Affected Passing Temperament Years

Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.

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