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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
Investing
Investment
Likely
Worst
Investor
Enemy
Investors
Money
Chief
Problem
Chiefs
Even
Greed

More quotes by Benjamin Graham

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Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
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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. 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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It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.
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Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.
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Cartels have spread and will spread as long as the world lacks an effective mechanism by which balanced expansion may be achieved without a resulting disruption of prices.
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It is absurd to think that the general public can ever make money out of market forecasts.
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The investor with a portfolio of sound stocks should expect their prices to fluctuate and should neither be concerned by sizable declines nor become excited by sizable advances. He should always remember that market quotations are there for his convenience, either to be taken advantage of or to be ignored.
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The individual investor should act consistently as an investor and not as a speculator. This means ... that he should be able to justify every purchase he makes and each price he pays by impersonal, objective reasoning that satisfies him that he is getting more than his money's worth for his purchase.
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Diversification is an established tenet of conservative investment.
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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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The intelligent investor is a realist who sells to optimists and buys from pessimists.
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It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
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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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Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.
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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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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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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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An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.
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In the short run, the market is a voting machine, but in the long run it is a weighing machine.
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Never mingle your speculative and investment operations in the same account nor in any part of your thinking.
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