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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.

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
Challenge
Margin
Intelligent
Confronted
Challenges
Margins
Secret
Motto
Sound
Venture
Words
Investing
Three
Investment
Safety
Distill

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Do not let anyone else run your business
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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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In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities. Rather should we say that the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion.
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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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It is a fact worth pondering that four centuries ago the evil of an abundance or surplus arose from its being kept off the market, while today the evil of surplus lies in its being thrown upon the market.
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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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The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.
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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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Unusually rapid growth cannot keep up forever when a company has already registered a brilliant expansion, its very increase in size makes a repetition of its achievement more difficult.
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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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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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In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.
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Always buy your straw hats in the Winter
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Stocks can be dynamite.
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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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The investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could vary widely in market price in response to changes in interest rates.
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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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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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Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.
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It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
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