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

More quotes by Benjamin Graham

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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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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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At heart, uncertainty and investing are synonyms.
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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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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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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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Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.
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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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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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The thing that I have been emphasizing in my own work for the last few years has been the group approach. To try to buy groups of stocks that meet some simple criterion for being undervalued-regardless of the industry and with very little attention to the individual company.
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Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
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In the financial markets, hindsight is forever 20/20, but foresight is legally blind. And thus, for most investors, market timing is a practical and emotional impossibility.
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Wall Street has a few prudent principles the trouble is that they are always forgotten when they are most needed.
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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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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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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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It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.
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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.
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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 best way to measure your investing success is not by whether you're beating the market but by whether you've put in place a financial plan and a behavioral discipline that are likely to get you where you want to go.
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