By refusing to pay too much for an investment, you minimize the chances that your wealth will ever disappear or suddenly be destroyed.
BENJAMIN GRAHAMPeople who invest make money for themselves; people who speculate make money for their brokers. And that, in turn, is why Wall Street perennially downplays the durable virtues of investing and hypes the gaudy appeal of speculation.
More Benjamin Graham Quotes
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Diversification is an established tenet of conservative investment.
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Although there are good and bad companies, there is no such thing as a good stock; there are only good stock prices, which come and go.
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The essence of investment management is the management of risks, not the management of returns.
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Intelligent investment is more a matter of mental approach than it is of technique. A sound mental approach toward stock fluctuations is the touchstone of all successful investment under present-day conditions.
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Those with the enterprise lack the money and those with the money lack the enterprise to buy stocks when they are cheap.
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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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In the short run, the market is a voting machine, but in the long run it is a weighing machine.
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Both a priori reasoning and experience teach us that as as these funds grow larger the geometrical rate of growth by compound interest ultimately defeats itself.
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Successful investing is about managing risk, not avoiding it.
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Confusing speculation with investment is always a mistake.
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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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An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.
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It is absurd to think that the general public can ever make money out of market forecasts.
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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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Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.
BENJAMIN GRAHAM







