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 GRAHAMAn investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.
More Benjamin Graham Quotes
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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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The investor’s primary interest lies in acquiring and holding suitable securities at suitable prices.
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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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Before you place your financial future in the hands of an adviser, it’s imperative that you find someone who not only makes you comfortable but whose honesty is beyond reproach.
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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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Stocks can be dynamite.
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As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily against him.
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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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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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Wall Street has a few prudent principles; the trouble is that they are always forgotten when they are most needed.
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Never mingle your speculative and investment operations in the same account nor in any part of your thinking.
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The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.
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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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Calculate a stock’s price/earnings ratio yourself, using Graham’s formula of current price divided by average earnings over the past three years.
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Why should the cotton growers suffer if there is shortage of wheat?
BENJAMIN GRAHAM