In the old legend the wise men finally boiled down the history of mortal affairs into a single phrase: ‘This too will pass.’
BENJAMIN GRAHAMThe world has not learned the technique of balanced expansion without the resultant commercial and financial congestion.
More Benjamin Graham Quotes
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Successful investing is about managing risk, not avoiding it.
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The modern world is not geared properly to the storage of goods.
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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.
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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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Mr. Market’s job is to provide you with prices; your job is to decide whether it is to your advantage to act on them. You no not have to trade with hime just because he constantly begs you to.
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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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Traditionally the investor has been the man with patience and the courage of his convictions who would buy when the harried or disheartened speculator was selling.
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If you are shopping for common stocks, choose them the way you would buy groceries, not the way you would buy perfume.
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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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As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily against him.
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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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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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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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For 99 issues out of 100 we could say that at some price they are cheap enough to buy and at some price they would be so dear that they would be sold.
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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).
BENJAMIN GRAHAM