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In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.

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
Hand
Adequate
Knowledge
Tested
Hands
Supreme
World
Judgment
Courage
Becomes
Security
Virtue
Securities

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The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.
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In the financial markets, hindsight is forever 20/20, but foresight is legally blind. And thus, for most investors, market timing is a practical and emotional impossibility.
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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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Do not let anyone else run your business
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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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Though business conditions may change, corporations and securities may change, and financial institutions and regulations may change, human nature remains the same. Thus the important and difficult part of sound investment, which hinges upon the investor's own temperament and attitude, is not much affected by the passing years.
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The essence of investment management is the management of risks, not the management of returns.
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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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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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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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Why should the cotton growers suffer if there is shortage of wheat?
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Successful investing is about managing risk, not avoiding it.
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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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Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble... to give way to hope, fear and greed.
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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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An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.
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An investor calculates what a stock is worth, based on the value of its businesses.
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If we assume that there are normal or standard income results to be obtained from investing money in securities, then the role of the adviser can be more readily established. He will use his superior training and experience to protect his clients against mistakes and to make sure that they obtain the results to which their money is entitled.
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It is absurd to think that the general public can ever make money out of market forecasts.
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Always buy your straw hats in the Winter
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