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The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.

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
Securities
Lows
Favorable
Loss
Purchase
Conditions
Losses
Security
Investors
Quality
Chief
Times
Chiefs
Business
Come
Investing

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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 market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.
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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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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.
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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.
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