In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities.
BENJAMIN GRAHAMRather should we say that the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion.
More Benjamin Graham Quotes
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To be an investor you must be a believer in a better tomorrow.
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The essence of investment management is the management of risks, not the management of returns.
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Successful investing is about managing risk, not avoiding it.
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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.
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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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The investor’s chief problem – and even his worst enemy – is likely to be himself.
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An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.
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The intelligent investor shouldn’t ignore Mr. Market entirely. Instead, you should do business with him- but only to the extent that it serves your interests.
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Wall Street people learn nothing and forget everything.
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The investor’s primary interest lies in acquiring and holding suitable securities at suitable prices.
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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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It is a fact worth pondering that four centuries ago the evil of “an abundance or surplus” arose from its being kept off the market, while today the evil of surplus lies in its being thrown upon the market.
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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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I quickly convinced myself that the true key to material happiness lay in a modest standard of living which could be achieved with little difficulty under almost all economic conditions.
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Though business conditions may change, corporations and securities may change, and financial institutions and regulations may change, human nature remains the same.
BENJAMIN GRAHAM