Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
BENJAMIN GRAHAMWhy should the cotton growers suffer if there is shortage of wheat?
More Benjamin Graham Quotes
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High valuations entail high risks.
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Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.
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The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.
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The purpose of this book is to supply, in the form suitable for laymen, guidance in the adoption and execution of an investment policy.
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Investing isn’t about beating others at their game. It’s about controlling yourself at your own game.
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Diversification is an established tenet of conservative investment.
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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 defensive (or passive) investor will place chief emphasis on the avoidance of serious mistakes or losses. His second aim will be freedom from effort, annoyance, and the need for making frequent decisions.
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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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A speculator gambles that a stock will go up in price because somebody else will pay even more for it.
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An investor calculates what a stock is worth, based on the value of its businesses.
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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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The people of the United States will not tolerate another deep depression that arises not from any lack of natural resources, productive capacity or man and brain power, but solely from imperfections in the functioning of the system of finance capitalism.
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In the short-run, the market is a voting machine – reflecting a voter-registration test that requires only money, not intelligence or emotional stability – but in the long- run, the market is a weighing machine.
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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.
BENJAMIN GRAHAM