Quote

In the short run, the market is a voting machine, but in the long run it is a weighing machine.

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
Short
Voting
Business
Classic
Running
Machine
Long
Investing
Investment
Machines
Buffets
Market
Weighing
Intelligent
Investors

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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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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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Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.
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Even the most conservative must realize that the recent transformation of surplus from an individual to a national disaster implies a scathing indictment of our capitalist system as it has now developed.
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The money cost of the reservoir plan literally fades into insignificance when it is compared with the financial burden which the great depression imposed on the nation.
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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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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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At heart, uncertainty and investing are synonyms.
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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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It is no difficult trick to bring a great deal of energy, study, and native ability into Wall Street and to end up with losses instead of profits. These virtues, if channeled in the wrong directions, become indistinguishable from handicaps.
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Mr. Market's job is to provide you with prices your job is to decide whether it is to your advantage to act on them. You no not have to trade with hime just because he constantly begs you to.
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There is a close logical connection between the concept of a safety margin and the principle of diversification.
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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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Stock speculation is largely a matter of A trying to decide what B, C and D are likely to think-with B, C and D trying to do the same.
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The correct attitude of the security analyst toward the stock market might well be that of a man toward his wife. He shouldn't pay too much attention to what the lady says, but he can't afford to ignore it entirely. That is pretty much the position that most of us find ourselves vis-à-vis the stock market.
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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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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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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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