As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily against him.
BENJAMIN GRAHAMIt must be fundamentally wrong to reduce production of food and fiber while one-third of our population is still ill fed and ill clothed.
More Benjamin Graham Quotes
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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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I am more and more impressed with the possibilities of history’s repeating itself on many different counts. You don’t get very far in Wall Street with the simple, convenient conclusion that a given level of prices is not too high.
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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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In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.
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Whenever the investor sold out in an upswing as soon as the top level of the previous well-recognized bull market was reached, he had a chance in the next bear market to buy back at one third (or better) below his selling price.
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The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.
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The story of Joseph in Egypt and of the seven fat and the seven lean years has passed into the homely wisdom of the ages; but our economic thinking seems to have lost contact with so simple and basic approach to prudent management of a nations welfare.
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In the short-run, the market is a voting machine – reflecting a voter-registration test that requires only money, not intelligence or emotional stability – but in the long- run, the market is a weighing machine.
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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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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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There is something paradoxical in the fact that by establishing an export market we subject our entire domestic production to the vagaries of that market.
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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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In the short run, the market is a voting machine, but in the long run it is a weighing machine.
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The purpose of this book is to supply, in the form suitable for laymen, guidance in the adoption and execution of an investment policy.
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there is a tendency in part of Wall Street people to pay excessive attention to the most recent figures and the present financial picture.
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It is a fact worth pondering that four centuries ago the evil of “an abundance or surplus” arose from its being kept off the market, while today the evil of surplus lies in its being thrown upon the market.
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Before you invest, you must ensure that you have realistically assessed your probability of being right and how you will react to the consequences of being wrong.
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Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety.
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No matter how careful you are, the one risk no investor can ever eliminate is the risk of being wrong. Only by insisting on what Graham called the “margin of safety” – never overpaying, no matter how exciting an investment seems to be – can you minimize your odds of error.
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The stock market resembles a huge laundry in which institutions take in large blocks of each others washing … without rhyme or reason.
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High valuations entail high risks.
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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 people of the United States will not tolerate another deep depression that arises not from any lack of natural resources, productive capacity or man and brain power, but solely from imperfections in the functioning of the system of finance capitalism.
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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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Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.
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Stocks can be dynamite.
BENJAMIN GRAHAM