The investor’s primary interest lies in acquiring and holding suitable securities at suitable prices.
BENJAMIN GRAHAMIn 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.
More Benjamin Graham Quotes
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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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Price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal.
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To see how much a company is truly earning on the capital it deploys in its businesses, look beyond EPS to Return on Invested Capital (ROIC).
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The only thing you should do with pro forma earnings is ignore them.
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Knowledge is only one ingredient on arriving at a stock’s proper price. The other ingredient, fully as important as information, is sound judgment.
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In the financial markets, hindsight is forever 20/20, but foresight is legally blind. And thus, for most investors, market timing is a practical and emotional impossibility.
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To enjoy a reasonable chance for continued better than average results, the investor must follow policies which are (1) inherently sound and promising, and (2) not popular on Wall Street.
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Rather should we say that the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion.
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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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Stocks can be dynamite.
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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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The intelligent investor is a realist who sells to optimists and buys from pessimists.
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Buy not on optimism, but on arithmetic.
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The investor’s chief problem – and even his worst enemy – is likely to be himself.
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Speculative stock movements are carried too far in both directions, frequently in the general market and at all times in at least some of the individual issues.
BENJAMIN GRAHAM