Many progressive economists insist that gold is now in essentially the same position as silver and that the arguments the simon-pure gold advocates use against the white metal can be directed with equal effect against their own fetish.
BENJAMIN GRAHAMyou may take it as an axiom that you cannot profit in Wall Street by continuously doing the obvious or the popular thing
More Benjamin Graham Quotes
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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.
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It is a fact worth pondering that four centuries ago the evil of “an abundance or surplus” arose from its being kept off the market, while today the evil of surplus lies in its being thrown upon the market.
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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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An investor calculates what a stock is worth, based on the value of its businesses.
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At heart, “uncertainty” and “investing” are synonyms.
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The intelligent investor is a realist who sells to optimists and buys from pessimists.
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Thus the important and difficult part of sound investment, which hinges upon the investor’s own temperament and attitude, is not much affected by the passing years.
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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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Losing some money is an inevitable part of investing, and there’s nothing you can do to prevent it. But to be an intelligent investor, you must take responsibility for ensuring that you never lose most or all of your money.
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Most businesses change in character and quality over the years, sometimes for the better, perhaps more often for the worse. The investor need not watch his companies’ performance like a hawk; but he should give it a good, hard look from time to time.
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Individuals who cannot master their emotions are ill-suited to profit from the investment process.
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The intelligent investor gets interested in big growth stocks not when they are at their most popular – but when something goes wrong.
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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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Calculate a stock’s price/earnings ratio yourself, using Graham’s formula of current price divided by average earnings over the past three years.
BENJAMIN GRAHAM