you may take it as an axiom that you cannot profit in Wall Street by continuously doing the obvious or the popular thing
BENJAMIN GRAHAMThe existence of such a war chest might go far to strengthen our prestige and frighten off any would be assailant.
More Benjamin Graham Quotes
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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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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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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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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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You must never delude yourself into thinking that you’re investing when you’re speculating.
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Every corporate security may be best viewed, in the first instance, as an ownership interest in, or a claim against, a specific business enterprise.
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Confusing speculation with investment is always a mistake.
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The memory of the financial community is proverbially and distressingly short.
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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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There is something paradoxical in the fact that by establishing an export market we subject our entire domestic production to the vagaries of that market.
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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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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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Good managements produce a good average market price, and bad managements produce bad market prices.
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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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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