Investing isn’t about beating others at their game. It’s about controlling yourself at your own game.
BENJAMIN GRAHAMGood managements produce a good average market price, and bad managements produce bad market prices.
More Benjamin Graham Quotes
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Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it – even though others may hesitate or differ.
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To have a true investment, there must be a true margin of safety. And a true margin of safety is one that can be demonstrated by figures, by persuasive reasoning, and by reference to a body of actual experience.
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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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The intelligent investor shouldn’t ignore Mr. Market entirely. Instead, you should do business with him- but only to the extent that it serves your interests.
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There is no reason to feel any shame in hiring someone to pick stocks or mutual funds for you. But there’s one responsibility that you must never delegate. You, and no one but you, must investigate whether an adviser is trustworthy and charges reasonable fees.
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The best way to measure your investing success is not by whether you’re beating the market but by whether you’ve put in place a financial plan and a behavioral discipline that are likely to get you where you want to go.
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The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.
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Whether we like it or not, government intervention in the face of surplus is here to stay.
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The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.
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Wall Street people learn nothing and forget everything.
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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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The investor who permits himself to be stampeded or unduly worried by unjustified market declines in his holdings is perversely transforming his basic advantage into a basic disadvantage.
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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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An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.
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By refusing to pay too much for an investment, you minimize the chances that your wealth will ever disappear or suddenly be destroyed.
BENJAMIN GRAHAM