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It is absurd to think that the general public can ever make money out of market forecasts.

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
Market
General
Public
Money
Ever
Make
Forecasts
Think
Investing
Thinking
Absurd

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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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Both individual skill (art) and chance are important factors in determining success or failure.
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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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There is no reason to feel any shame in hiring someone to pick stocks or mutual funds for you. But there's one responsibility that you must never delegate. You, and no one but you, must investigate whether an adviser is trustworthy and charges reasonable fees.
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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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Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.
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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 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 investment may become substantially a matter of techniques and criteria that are learnable, rather than the product of unique and incommunicable mental powers.
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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 a fact worth pondering that four centuries ago the evil of an abundance or surplus arose from its being kept off the market, while today the evil of surplus lies in its being thrown upon the market.
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you may take it as an axiom that you cannot profit in Wall Street by continuously doing the obvious or the popular thing
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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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Wall Street has a few prudent principles the trouble is that they are always forgotten when they are most needed.
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Cartels have spread and will spread as long as the world lacks an effective mechanism by which balanced expansion may be achieved without a resulting disruption of prices.
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Successful investing is about managing risk, not avoiding it.
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It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
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Good managements produce a good average market price, and bad managements produce bad market prices.
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Diversification is an established tenet of conservative investment.
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