Undervaluations caused by neglect or prejudice may persist for an inconveniently long time, and the same applies to inflated prices caused by over-enthusiasm or artificial stimulants.
BENJAMIN GRAHAMTo achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.
More Benjamin Graham Quotes
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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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The modern world is not geared properly to the storage of goods.
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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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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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By developing your discipline and courage, you can refuse to let other people’s mood swings govern your financial destiny. In the end, how your investments behave is much less important than how you behave.
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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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If you are shopping for common stocks, choose them the way you would buy groceries, not the way you would buy perfume.
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Both individual skill (art) and chance are important factors in determining success or failure.
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you may take it as an axiom that you cannot profit in Wall Street by continuously doing the obvious or the popular thing
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For 99 issues out of 100 we could say that at some price they are cheap enough to buy and at some price they would be so dear that they would be sold.
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You must never delude yourself into thinking that you’re investing when you’re speculating.
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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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It’s nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.
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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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To be an investor you must be a believer in a better tomorrow.
BENJAMIN GRAHAM