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

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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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You must never delude yourself into thinking that you're investing when you're speculating.
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Do not let anyone else run your business
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The intelligent investor is a realist who sells to optimists and buys from pessimists.
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The investor's chief problem - and even his worst enemy - is likely to be himself.
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An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.
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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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If we assume that there are normal or standard income results to be obtained from investing money in securities, then the role of the adviser can be more readily established. He will use his superior training and experience to protect his clients against mistakes and to make sure that they obtain the results to which their money is entitled.
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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 invest, you must ensure that you have realistically assessed your probability of being right and how you will react to the consequences of being wrong.
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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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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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It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
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The essence of investment management is the management of risks, not the management of returns.
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The chief obstacle to success lies in the stubborn fact that if the favorable prospects of a concern are clearly apparent they are almost always reflected already in the current price of the stock. Buying such an issue is like betting on a topheavy favorite in a horse race. The chances may be on your side, but the real odds are against you.
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Speculators often prosper through ignorance it is a cliché that in a roaring bull market knowledge is superfluous and experience is a handicap. But the typical experience of the speculator is one of temporary profit and ultimate loss
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Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.
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Stocks can be dynamite.
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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 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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