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If you are shopping for common stocks, choose them the way you would buy groceries, not the way you would buy perfume.

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
Shopping
Investing
Intelligent
Choose
Common
Way
Groceries
Would
Stocks
Perfume

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The sillier the market's behavior, the greater the opportunity for the business like investor.
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It must be fundamentally wrong to reduce production of food and fiber while one-third of our population is still ill fed and ill clothed.
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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 stock market resembles a huge laundry in which institutions take in large blocks of each others washing ... without rhyme or reason.
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We define a bargain issue as one which, on the basis of facts established by analysis, appears to be worth considerably more that it is selling for.
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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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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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The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.
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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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The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.
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Good managements produce a good average market price, and bad managements produce bad market prices.
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Do not let anyone else run your business
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