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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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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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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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The purchase of a bargain issue presupposes that the market's current appraisal is wrong, or at least that the buyer's idea of value is more likely to be right than the market's. In this process the investor sets his judgement against that of the market. To some this may seem arrogant or foolhardy.
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The ideal form of common stock analysis leads to a valuation of the issue which can be compared with the current price to determine whether or not the security is an attractive purchase.
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... the loss of public confidence in the financial community growing out of its own conduct in recent years. I insist that more damage has been done to stock values and to the future of equities from inside Wall Street than from outside Wall Street.
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Good managements produce a good average market price, and bad managements produce bad market prices.
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To establish the right price for a stock, the market must have adequate information, but it by no means follows that is the market has this information it will thereupon establish the right price.
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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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The sillier the market's behavior, the greater the opportunity for the business like investor.
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You must never delude yourself into thinking that you're investing when you're speculating.
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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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Real investment risk is measured not by the percent that a stock may decline in price in relation to the general market in a given period, but by the danger of a loss of quality and earnings power through economic changes or deterioration in management.
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Always buy your straw hats in the Winter
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Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.
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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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The value of the security analyst to the investor depends largely on the investor's own attitude. If the investor asks the analyst the right questions, he is likely to get the right or at least valuable answers.
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