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

More quotes by Benjamin Graham

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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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In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities. Rather should we say that the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion.
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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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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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It is a fact worth pondering that four centuries ago the evil of an abundance or surplus arose from its being kept off the market, while today the evil of surplus lies in its being thrown upon the market.
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Stocks can be dynamite.
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Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times of good business conditions. The purchasers view the good current earnings as equivalent to 'earning power' and assume that prosperity is equivalent to safety.
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The essence of investment management is the management of risks, not the management of returns.
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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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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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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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The intelligent investor is a realist who sells to optimists and buys from pessimists.
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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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There is a close logical connection between the concept of a safety margin and the principle of diversification.
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Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
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Successful investing is about managing risk, not avoiding it.
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Speculators often prosper through ignorance it is a cliché that in a roaring bull market knowledge is superfluous and experience is a handicap. But the typical experience of the speculator is one of temporary profit and ultimate loss
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To see how much a company is truly earning on the capital it deploys in its businesses, look beyond EPS to Return on Invested Capital (ROIC).
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The only thing you should do with pro forma earnings is ignore them.
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The sillier the market's behavior, the greater the opportunity for the business like investor.
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