Obvious prospects for physical growth in a business do not translate into obvious profits for investors.
BENJAMIN GRAHAMIf General Motors is worth $60 a share to an investor it must be because the full common-stock ownership of this gigantic enterprise as a whole is worth 43 million (shares) times $60, or no less than $2,600 million.
More Benjamin Graham Quotes
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Stocks can be dynamite.
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Even defensive portfolios should be changed from time to time, especially if the securities purchased have an apparently excessive advance and can be replaced by issues much more reasonable priced.
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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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Individuals who cannot master their emotions are ill-suited to profit from the investment process.
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Losing some money is an inevitable part of investing, and there’s nothing you can do to prevent it. But to be an intelligent investor, you must take responsibility for ensuring that you never lose most or all of your money.
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If fees consume more than 1% of your assets annually, you should probably shop for another adviser.
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The modern world is not geared properly to the storage of goods.
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Mr. Market’s job is to provide you with prices; your job is to decide whether it is to your advantage to act on them. You no not have to trade with hime just because he constantly begs you to.
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Diversification is an established tenet of conservative investment.
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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 is likely to need considerable will power to keep from following the crowd.
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To be an investor you must be a believer in a better tomorrow.
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You must never delude yourself into thinking that you’re investing when you’re speculating.
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Always buy your straw hats in the Winter
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The thing that I have been emphasizing in my own work for the last few years has been the group approach. To try to buy groups of stocks that meet some simple criterion for being undervalued-regardless of the industry and with very little attention to the individual company.
BENJAMIN GRAHAM







