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

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The investor's primary interest lies in acquiring and holding suitable securities at suitable prices.
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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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Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety.
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Abnormally good or abnormally bad conditions do not last forever.
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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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It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
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It requires strength of character in order to think and to act in opposite fashion from the crowd and also patience to wait for opportunities that may be spaced years apart.
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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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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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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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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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Do not let anyone else run your business
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