Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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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We urge the beginner in security buying not to waste his efforts and his money in trying to beat the market. Let him study security values and initially test out his judgment on price versus value with the smallest possible sums.
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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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Thus the important and difficult part of sound investment, which hinges upon the investor’s own temperament and attitude, is not much affected by the passing years.
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Individuals who cannot master their emotions are ill-suited to profit from the investment process.
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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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The sillier the market’s behavior, the greater the opportunity for the business like investor.
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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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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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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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Experience teaches that the time to buy stocks is when their price is unduly depressed by temporary adversity. In other words, they should be bought on a bargain basis or not at all.
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Before you place your financial future in the hands of an adviser, it’s imperative that you find someone who not only makes you comfortable but whose honesty is beyond reproach.
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The thing that I have been emphasizing in my own work for the last few years has been the group approach. To try to buy groups of stocks that meet some simple criterion for being undervalued-regardless of the industry and with very little attention to the individual company.
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There is a close logical connection between the concept of a safety margin and the principle of diversification.
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Successful investment may become substantially a matter of techniques and criteria that are learnable, rather than the product of unique and incommunicable mental powers.
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If fees consume more than 1% of your assets annually, you should probably shop for another adviser.
BENJAMIN GRAHAM