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Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.
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
Never
Substantial
Stock
Drop
Immediately
Sell
Sells
Rise
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Why should the cotton growers suffer if there is shortage of wheat?
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A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.
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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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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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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.
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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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Diversification is an established tenet of conservative investment.
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The investor's primary interest lies in acquiring and holding suitable securities at suitable prices.
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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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Both individual skill (art) and chance are important factors in determining success or failure.
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High valuations entail high risks.
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People who invest make money for themselves people who speculate make money for their brokers. And that, in turn, is why Wall Street perennially downplays the durable virtues of investing and hypes the gaudy appeal of speculation.
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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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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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Never mingle your speculative and investment operations in the same account nor in any part of your thinking.
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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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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 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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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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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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