If General Motors is worth $60 a share to an investor it must be because the full common-stock ownership of this gigantic enterprise as a whole is worth 43 million (shares) times $60, or no less than $2,600 million.
BENJAMIN GRAHAMThe idea of storage as a solution of economic problems at least has the support of common sense.It is diametrically opposed to the topsy-turvy Alice-in-Wonderland reasoning that has marked so much of our depression thinking and policy.
More Benjamin Graham Quotes
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You must never delude yourself into thinking that you’re investing when you’re speculating.
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Knowledge is only one ingredient on arriving at a stock’s proper price. The other ingredient, fully as important as information, is sound judgment.
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In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities.
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Investing isn’t about beating others at their game. It’s about controlling yourself at your own game.
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Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it.
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Thus the important and difficult part of sound investment, which hinges upon the investor’s own temperament and attitude, is not much affected by the passing years.
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A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.
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Mr. Market’s job is to provide you with prices; your job is to decide whether it is to your advantage to act on them. You no not have to trade with hime just because he constantly begs you to.
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The intelligent investor shouldn’t ignore Mr. Market entirely. Instead, you should do business with him- but only to the extent that it serves your interests.
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Investing is most intelligent when it is most businesslike.
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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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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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To see how much a company is truly earning on the capital it deploys in its businesses, look beyond EPS to Return on Invested Capital (ROIC).
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To be an investor you must be a believer in a better tomorrow.
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Stocks can be dynamite.
BENJAMIN GRAHAM