An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.
BENJAMIN GRAHAMIt is a misfortune of the times that all of us must needs be amateur economists-including, and perhaps especially, the professionals.
More Benjamin Graham Quotes
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Rather should we say that the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion.
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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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Wall Street people learn nothing and forget everything.
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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 volume of credit depends upon three factors: the desire to borrow, the ability to lend and the desire to lend.
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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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Even defensive portfolios should be changed from time to time, especially if the securities purchased have an apparently excessive advance and can be replaced by issues much more reasonable priced.
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Traditionally the investor has been the man with patience and the courage of his convictions who would buy when the harried or disheartened speculator was selling.
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The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.
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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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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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The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.
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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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An investor calculates what a stock is worth, based on the value of its businesses.
BENJAMIN GRAHAM