Speculative stock movements are carried too far in both directions, frequently in the general market and at all times in at least some of the individual issues.
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 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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The stock market resembles a huge laundry in which institutions take in large blocks of each others washing … without rhyme or reason.
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At heart, “uncertainty” and “investing” are synonyms.
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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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Successful investing is about managing risk, not avoiding it.
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Diversification is an established tenet of conservative investment.
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Real investment risk is measured not by the percent that a stock may decline in price in relation to the general market in a given period, but by the danger of a loss of quality and earnings power through economic changes or deterioration in management.
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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.
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Whether we like it or not, government intervention in the face of surplus is here to stay.
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The qualitative factors upon which most stress is laid are the nature of the business and the character of the management. These elements are exceedingly important, but they are also exceedingly difficult to deal with intelligently.
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There is something paradoxical in the fact that by establishing an export market we subject our entire domestic production to the vagaries of that market.
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The best values today are often found in the stocks that were once hot and have since gone cold.
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The value of the security analyst to the investor depends largely on the investor’s own attitude. If the investor asks the analyst the right questions, he is likely to get the right or at least valuable answers.
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People who invest make money for themselves; people who speculate make money for their brokers. And that, in turn, is why Wall Street perennially downplays the durable virtues of investing and hypes the gaudy appeal of speculation.
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The intelligent investor gets interested in big growth stocks not when they are at their most popular – but when something goes wrong.
BENJAMIN GRAHAM