Successful investing is about managing risk, not avoiding it.
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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The best values today are often found in the stocks that were once hot and have since gone cold.
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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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The stock market resembles a huge laundry in which institutions take in large blocks of each others washing … without rhyme or reason.
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The Reservoir plan is an engineering mechanism applied to the field of economics, and in its essence it has nothing to do with democracy or any other political philosophy.
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The qualitative factors upon which most stress is laid are the nature of the business and the character of the management. These elements are exceedingly important, but they are also exceedingly difficult to deal with intelligently.
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It is worth pointing out that assuredly not more than one person out of a hundred who stayed in the market after after 1925 emerged from it with a net profit and that the speculative losses taken were appalling.
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Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble… to give way to hope, fear and greed.
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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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The essence of investment management is the management of risks, not the management of returns.
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Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety.
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Confusing speculation with investment is always a mistake.
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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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Always buy your straw hats in the Winter
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You must never delude yourself into thinking that you’re investing when you’re speculating.
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No statement is more true and better applicable to Wall Street than the famous warning of Santayana: “Those who do not remember the past are condemned to repeat it”.
BENJAMIN GRAHAM