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.
BENJAMIN GRAHAMIf fees consume more than 1% of your assets annually, you should probably shop for another adviser.
More Benjamin Graham Quotes
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Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.
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I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities.
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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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It is worth pointing out that assuredly not more than one person out of a hundred who stayed in the market after after 1925 emerged from it with a net profit and that the speculative losses taken were appalling.
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The intelligent investor is likely to need considerable will power to keep from following the crowd.
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The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.
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The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.
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To have a true investment, there must be a true margin of safety. And a true margin of safety is one that can be demonstrated by figures, by persuasive reasoning, and by reference to a body of actual experience.
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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.
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Undervaluations caused by neglect or prejudice may persist for an inconveniently long time, and the same applies to inflated prices caused by over-enthusiasm or artificial stimulants.
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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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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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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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Never buy a stock because it has gone up or sell one because it has gone down.
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The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.
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No statement is more true and better applicable to Wall Street than the famous warning of Santayana: “Those who do not remember the past are condemned to repeat it”.
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The investor’s primary interest lies in acquiring and holding suitable securities at suitable prices.
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It requires strength of character in order to think and to act in opposite fashion from the crowd and also patience to wait for opportunities that may be spaced years apart.
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In the financial markets, hindsight is forever 20/20, but foresight is legally blind. And thus, for most investors, market timing is a practical and emotional impossibility.
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The memory of the financial community is proverbially and distressingly short.
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Most businesses change in character and quality over the years, sometimes for the better, perhaps more often for the worse. The investor need not watch his companies’ performance like a hawk; but he should give it a good, hard look from time to time.
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By refusing to pay too much for an investment, you minimize the chances that your wealth will ever disappear or suddenly be destroyed.
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Confusing speculation with investment is always a mistake.
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It’s nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.
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In the short run, the market is a voting machine, but in the long run it is a weighing machine.
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Investing isn’t about beating others at their game. It’s about controlling yourself at your own game.
BENJAMIN GRAHAM