The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.
BENJAMIN GRAHAMIn the short run, the market is a voting machine, but in the long run it is a weighing machine.
More Benjamin Graham Quotes
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Nearly everyone interested in common stocks wants to be told by someone else what he thinks the market is going to do. The demand being there, it must be supplied.
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There is a close logical connection between the concept of a safety margin and the principle of diversification.
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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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To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.
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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 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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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 existence of such a war chest might go far to strengthen our prestige and frighten off any would be assailant.
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To be an investor you must be a believer in a better tomorrow.
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As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily against him.
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Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it – even though others may hesitate or differ.
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Do not let anyone else run your business
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Unusually rapid growth cannot keep up forever; when a company has already registered a brilliant expansion, its very increase in size makes a repetition of its achievement more difficult.
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Wall Street people learn nothing and forget everything.
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The best way to measure your investing success is not by whether you’re beating the market but by whether you’ve put in place a financial plan and a behavioral discipline that are likely to get you where you want to go.
BENJAMIN GRAHAM