Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.
BENJAMIN GRAHAMThe intelligent investor is likely to need considerable will power to keep from following the crowd.
More Benjamin Graham Quotes
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High valuations entail high risks.
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Both individual skill (art) and chance are important factors in determining success or failure.
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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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Experience teaches that the time to buy stocks is when their price is unduly depressed by temporary adversity. In other words, they should be bought on a bargain basis or not at all.
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Even the most conservative must realize that the recent transformation of surplus from an individual to a national disaster implies a scathing indictment of our capitalist system as it has now developed.
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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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There is something paradoxical in the fact that by establishing an export market we subject our entire domestic production to the vagaries of that market.
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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 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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In an ideal world, the intelligent investor would hold stocks only when they are cheap and sell them when they become overpriced, then duck into the bunker of bonds and cash until stocks again become cheap enough to buy.
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Confusing speculation with investment is always a mistake.
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The underlying principles of sound investment should not alter from decade to decade, but the application of these principles must be adapted to significant changes in the financial mechanisms and climate.
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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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To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.
BENJAMIN GRAHAM