The best values today are often found in the stocks that were once hot and have since gone cold.
BENJAMIN GRAHAMThere is a close logical connection between the concept of a safety margin and the principle of diversification.
More Benjamin Graham Quotes
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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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… the loss of public confidence in the financial community growing out of its own conduct in recent years. I insist that more damage has been done to stock values and to the future of equities from inside Wall Street than from outside Wall Street.
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When somebody asserts that a stock has an earning power of so much, I am sure that the person who hears him doesn’t know what he means, and there is a good chance that the man who uses it doesn’t know what it means.
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In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.
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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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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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Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
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To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.
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Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.
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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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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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If fees consume more than 1% of your assets annually, you should probably shop for another adviser.
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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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To enjoy a reasonable chance for continued better than average results, the investor must follow policies which are (1) inherently sound and promising, and (2) not popular on Wall Street.
BENJAMIN GRAHAM