The value of any investment is, and always must be, a function of the price you pay for it.
BENJAMIN GRAHAMDiversification is an established tenet of conservative investment.
More Benjamin Graham Quotes
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The genuine investor in common stocks does not need a great equipment of brain and knowledge, but he does need some unusual qualities of character
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It is a misfortune of the times that all of us must needs be amateur economists-including, and perhaps especially, the professionals.
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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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Whether we like it or not, government intervention in the face of surplus is here to stay.
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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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Stocks can be dynamite.
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The money cost of the reservoir plan literally fades into insignificance when it is compared with the financial burden which the great depression imposed on the nation.
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The most striking thing about Graham’s discussion of how to allocate your assets between stocks and bonds is that he never mentions the word “age”.
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The investor’s primary interest lies in acquiring and holding suitable securities at suitable prices.
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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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Always buy your straw hats in the Winter
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Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.
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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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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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Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
BENJAMIN GRAHAM