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An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.

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
Analysis
Investment
Safety
Thorough
Promise
Operation
Return
Adequate
Upon
Promises
Principal
Operations

More quotes by Benjamin Graham

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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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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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There is a close logical connection between the concept of a safety margin and the principle of diversification.
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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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Never mingle your speculative and investment operations in the same account nor in any part of your thinking.
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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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Knowledge is only one ingredient on arriving at a stock's proper price. The other ingredient, fully as important as information, is sound judgment.
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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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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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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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It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
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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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The best values today are often found in the stocks that were once hot and have since gone cold.
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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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You must never delude yourself into thinking that you're investing when you're speculating.
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We define a bargain issue as one which, on the basis of facts established by analysis, appears to be worth considerably more that it is selling for.
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The sillier the market's behavior, the greater the opportunity for the business like investor.
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Both individual skill (art) and chance are important factors in determining success or failure.
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To see how much a company is truly earning on the capital it deploys in its businesses, look beyond EPS to Return on Invested Capital (ROIC).
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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.
Benjamin Graham