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

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Successful investing is about managing risk, not avoiding it.
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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 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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The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.
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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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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 only thing you should do with pro forma earnings is ignore them.
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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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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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To establish the right price for a stock, the market must have adequate information, but it by no means follows that is the market has this information it will thereupon establish the right price.
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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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Both individual skill (art) and chance are important factors in determining success or failure.
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Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.
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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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Only in the exceptional case, where the integrity and competence of the advisers have been thoroughly demonstrated, should the investor act upon the advice of others without understanding and approving the decision made.
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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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Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.
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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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