In the short-run, the market is a voting machine – reflecting a voter-registration test that requires only money, not intelligence or emotional stability – but in the long- run, the market is a weighing machine.
BENJAMIN GRAHAMWhether we like it or not, government intervention in the face of surplus is here to stay.
More Benjamin Graham Quotes
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The investor’s primary interest lies in acquiring and holding suitable securities at suitable prices.
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It must be fundamentally wrong to reduce production of food and fiber while one-third of our population is still ill fed and ill clothed.
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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.
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The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.
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Good managements produce a good average market price, and bad managements produce bad market prices.
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THERE is widespread agreement among economists that abuse of credit constitutes one of the chief unwholesome elements in business booms and is mainly responsible for the ensuing crash and depression.
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Investing isn’t about beating others at their game. It’s about controlling yourself at your own game.
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A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.
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Never buy a stock because it has gone up or sell one because it has gone down.
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Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
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The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.
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Instead of passing blithely over into that Promised Land, flowing almost literally with milk and honey, it may be our destiny to wander a full 40 years or more in the wilderness of doubt and divided sentiments.
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The investor’s chief problem – and even his worst enemy – is likely to be himself.
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The modern world is not geared properly to the storage of goods.
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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.
BENJAMIN GRAHAM