Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it – even though others may hesitate or differ.
BENJAMIN GRAHAMSuccessful investment may become substantially a matter of techniques and criteria that are learnable, rather than the product of unique and incommunicable mental powers.
More Benjamin Graham Quotes
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Good managements produce a good average market price, and bad managements produce bad market prices.
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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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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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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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A great company is not a great investment if you pay too much for the stock.
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No matter how careful you are, the one risk no investor can ever eliminate is the risk of being wrong. Only by insisting on what Graham called the “margin of safety” – never overpaying, no matter how exciting an investment seems to be – can you minimize your odds of error.
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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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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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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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It requires strength of character in order to think and to act in opposite fashion from the crowd and also patience to wait for opportunities that may be spaced years apart.
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The utility, or intrinsic value of gold as a commodity is now considerably less than in the past; its monetary status has become extraordinarily ambiguous; and its future is highly uncertain.
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Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
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Real investment risk is measured not by the percent that a stock may decline in price in relation to the general market in a given period, but by the danger of a loss of quality and earnings power through economic changes or deterioration in management.
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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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Never mingle your speculative and investment operations in the same account nor in any part of your thinking.
BENJAMIN GRAHAM