The world has not learned the technique of balanced expansion without the resultant commercial and financial congestion.
BENJAMIN GRAHAMThousands of people have tried, and the evidence is clear: The more you trade, the less you keep.
More Benjamin Graham Quotes
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High valuations entail high risks.
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Good managements produce a good average market price, and bad managements produce bad market prices.
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The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.
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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.
BENJAMIN GRAHAM -
Even the most conservative must realize that the recent transformation of surplus from an individual to a national disaster implies a scathing indictment of our capitalist system as it has now developed.
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The investor who permits himself to be stampeded or unduly worried by unjustified market declines in his holdings is perversely transforming his basic advantage into a basic disadvantage.
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An investor calculates what a stock is worth, based on the value of its businesses.
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A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.
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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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Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
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We define a bargain issue as one which, on the basis of facts established by analysis, appears to be worth considerably more that it is selling for.
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Do not let anyone else run your business
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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.
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It must be fundamentally wrong to reduce production of food and fiber while one-third of our population is still ill fed and ill clothed.
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It is a misfortune of the times that all of us must needs be amateur economists-including, and perhaps especially, the professionals.
BENJAMIN GRAHAM