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A stock is not just a ticker symbol or an electronic blip it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.

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
Price
Underlying
Depends
Electronic
Value
Symbol
Share
Ownership
Interest
Stock
Values
Depend
Business
Symbols
Ticker
Doe
Actual
Blip

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In an ideal world, the intelligent investor would hold stocks only when they are cheap and sell them when they become overpriced, then duck into the bunker of bonds and cash until stocks again become cheap enough to buy.
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Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.
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Many progressive economists insist that gold is now in essentially the same position as silver and that the arguments the simon-pure gold advocates use against the white metal can be directed with equal effect against their own fetish.
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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 essence of investment management is the management of risks, not the management of returns.
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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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Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.
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The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.
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It always seemed, and still seems, ridiculously simple to say that if one can acquire a diversified group of common stocks at a price less than the applicable net current assets alone - after deducting all prior claims, and counting as zero the fixed and other assets - the results should be quite satisfactory.
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The sillier the market's behavior, the greater the opportunity for the business like investor.
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When somebody asserts that a stock has an earning power of so much, I am sure that the person who hears him doesn't know what he means, and there is a good chance that the man who uses it doesn't know what it means.
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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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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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An investor calculates what a stock is worth, based on the value of its businesses.
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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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The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.
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The investor's primary interest lies in acquiring and holding suitable securities at suitable prices.
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In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.
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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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