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The investor's chief problem - and even his worst enemy - is likely to be himself.

Benjamin Graham

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Benjamin Graham
Age: 82 †
Born: 1894
Born: May 8
Died: 1976
Died: September 21
Economist
Financier
Investor
University Teacher
Writer
London
England
Worst
Investor
Enemy
Investors
Money
Chief
Problem
Chiefs
Even
Greed
Investing
Investment
Likely

More quotes by Benjamin Graham

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Individuals who cannot master their emotions are ill-suited to profit from the investment process.
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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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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.
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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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It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.
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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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Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.
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Mr. Market does not always price stocks the way an appraiser or a private buyer would value a business. Instead, when stocks are going up, he happily pays more than their objective value and, when they are going down, he is desperate to dump them for less than their true worth.
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The ideal form of common stock analysis leads to a valuation of the issue which can be compared with the current price to determine whether or not the security is an attractive purchase.
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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 market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.
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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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When somebody asserts that a stock has an earning power of so much, I am sure that the person who hears him doesn't know what he means, and there is a good chance that the man who uses it doesn't know what it means.
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Even defensive portfolios should be changed from time to time, especially if the securities purchased have an apparently excessive advance and can be replaced by issues much more reasonable priced.
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The intelligent investor is a realist who sells to optimists and buys from pessimists.
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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 only thing you should do with pro forma earnings is ignore them.
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The value of the security analyst to the investor depends largely on the investor's own attitude. If the investor asks the analyst the right questions, he is likely to get the right or at least valuable answers.
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People who invest make money for themselves people who speculate make money for their brokers. And that, in turn, is why Wall Street perennially downplays the durable virtues of investing and hypes the gaudy appeal of speculation.
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