The stock market resembles a huge laundry in which institutions take in large blocks of each others washing … without rhyme or reason.
BENJAMIN GRAHAMHave 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.
More Benjamin Graham Quotes
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The Reservoir system will function not only as an equalizer of business conditions, but also as a national store to meet further emergencies, such as war and drought, and-most important of all-as the concrete means of developing a steadily higher living standard for all.
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The essence of investment management is the management of risks, not the management of returns.
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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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Though business conditions may change, corporations and securities may change, and financial institutions and regulations may change, human nature remains the same.
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In security analysis the prime stress is laid upon protection against untoward events. We obtain this protection by insisting upon margins of safety, or values well in excess of the price paid.
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Whenever the investor sold out in an upswing as soon as the top level of the previous well-recognized bull market was reached, he had a chance in the next bear market to buy back at one third (or better) below his selling price.
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Before you invest, you must ensure that you have realistically assessed your probability of being right and how you will react to the consequences of being wrong.
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Real investment risk is measured not by the percent that a stock may decline in price in relation to the general market in a given period, but by the danger of a loss of quality and earnings power through economic changes or deterioration in management.
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Never buy a stock because it has gone up or sell one because it has gone down.
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The world has not learned the technique of balanced expansion without the resultant commercial and financial congestion.
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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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At heart, “uncertainty” and “investing” are synonyms.
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The intelligent investor gets interested in big growth stocks not when they are at their most popular – but when something goes wrong.
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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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In the short run, the market is a voting machine, but in the long run it is a weighing machine.
BENJAMIN GRAHAM