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

More quotes by Benjamin Graham

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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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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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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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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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Knowledge is only one ingredient on arriving at a stock's proper price. The other ingredient, fully as important as information, is sound judgment.
Benjamin Graham
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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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The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.
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Always buy your straw hats in the Winter
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You must never delude yourself into thinking that you're investing when you're speculating.
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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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Stocks can be dynamite.
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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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Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.
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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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Even the most conservative must realize that the recent transformation of surplus from an individual to a national disaster implies a scathing indictment of our capitalist system as it has now developed.
Benjamin Graham
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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.
Benjamin Graham
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It is no difficult trick to bring a great deal of energy, study, and native ability into Wall Street and to end up with losses instead of profits. These virtues, if channeled in the wrong directions, become indistinguishable from handicaps.
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Do not let anyone else run your business
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.
Benjamin Graham