Stocks can be dynamite.
BENJAMIN GRAHAMUnusually rapid growth cannot keep up forever; when a company has already registered a brilliant expansion, its very increase in size makes a repetition of its achievement more difficult.
More Benjamin Graham Quotes
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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”.
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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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The existence of such a war chest might go far to strengthen our prestige and frighten off any would be assailant.
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The essence of investment management is the management of risks, not the management of returns.
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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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Although there are good and bad companies, there is no such thing as a good stock; there are only good stock prices, which come and go.
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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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you may take it as an axiom that you cannot profit in Wall Street by continuously doing the obvious or the popular thing
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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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The investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could vary widely in market price in response to changes in interest rates.
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I quickly convinced myself that the true key to material happiness lay in a modest standard of living which could be achieved with little difficulty under almost all economic conditions.
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Never mingle your speculative and investment operations in the same account nor in any part of your thinking.
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Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.
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Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it.
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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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Both individual skill (art) and chance are important factors in determining success or failure.
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It is absurd to think that the general public can ever make money out of market forecasts.
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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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If General Motors is worth $60 a share to an investor it must be because the full common-stock ownership of this gigantic enterprise as a whole is worth 43 million (shares) times $60, or no less than $2,600 million.
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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 true investor… will do better if he forgets about the stock market and pays attention to his dividend returns and to the operation results of his companies.
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Buy not on optimism, but on arithmetic.
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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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Undervaluations caused by neglect or prejudice may persist for an inconveniently long time, and the same applies to inflated prices caused by over-enthusiasm or artificial stimulants.
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The volume of credit depends upon three factors: the desire to borrow, the ability to lend and the desire to lend.
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It requires strength of character in order to think and to act in opposite fashion from the crowd and also patience to wait for opportunities that may be spaced years apart.
BENJAMIN GRAHAM