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

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The investor's chief problem - and even his worst enemy - is likely to be himself.
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Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times of good business conditions. The purchasers view the good current earnings as equivalent to 'earning power' and assume that prosperity is equivalent to safety.
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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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An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.
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Do not let anyone else run your business
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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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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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Both individual skill (art) and chance are important factors in determining success or failure.
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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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At heart, uncertainty and investing are synonyms.
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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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High valuations entail high risks.
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I am more and more impressed with the possibilities of history's repeating itself on many different counts. You don't get very far in Wall Street with the simple, convenient conclusion that a given level of prices is not too high.
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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 intelligent investor is a realist who sells to optimists and buys from pessimists.
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It always seemed, and still seems, ridiculously simple to say that if one can acquire a diversified group of common stocks at a price less than the applicable net current assets alone - after deducting all prior claims, and counting as zero the fixed and other assets - the results should be quite satisfactory.
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The qualitative factors upon which most stress is laid are the nature of the business and the character of the management. These elements are exceedingly important, but they are also exceedingly difficult to deal with intelligently.
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It is absurd to think that the general public can ever make money out of market forecasts.
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The investor has a right to expect good results to flow from a consistent and courageous application of the principle of buying after the market has declined substantially and selling after it has had a spectacular rise. But he cannot expect to reduce this principle to a simple and foolproof formula, with profits guaranteed and no anxious periods.
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