The investor’s chief problem – and even his worst enemy – is likely to be himself.
BENJAMIN GRAHAMA defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.
More Benjamin Graham Quotes
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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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High valuations entail high risks.
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An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.
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The defensive (or passive) investor will place chief emphasis on the avoidance of serious mistakes or losses. His second aim will be freedom from effort, annoyance, and the need for making frequent decisions.
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Stocks can be dynamite.
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The sillier the market’s behavior, the greater the opportunity for the business like investor.
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Whenever the investor sold out in an upswing as soon as the top level of the previous well-recognized bull market was reached, he had a chance in the next bear market to buy back at one third (or better) below his selling price.
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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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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.
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The only thing you should do with pro forma earnings is ignore them.
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Before you invest, you must ensure that you have realistically assessed your probability of being right and how you will react to the consequences of being wrong.
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The world has not learned the technique of balanced expansion without the resultant commercial and financial congestion.
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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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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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Stock speculation is largely a matter of A trying to decide what B, C and D are likely to think-with B, C and D trying to do the same.
BENJAMIN GRAHAM