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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

More quotes by Benjamin Graham

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Mr. Market does not always price stocks the way an appraiser or a private buyer would value a business. Instead, when stocks are going up, he happily pays more than their objective value and, when they are going down, he is desperate to dump them for less than their true worth.
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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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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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Individuals who cannot master their emotions are ill-suited to profit from the investment process.
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The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.
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The intelligent investor is a realist who sells to optimists and buys from pessimists.
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The qualitative factors upon which most stress is laid are the nature of the business and the character of the management. These elements are exceedingly important, but they are also exceedingly difficult to deal with intelligently.
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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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In nine companies out of ten the factor of fluctuation has been a more dominant and important consideration in the matter of investment than has the factor of long-term growth or decline
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Successful investment may become substantially a matter of techniques and criteria that are learnable, rather than the product of unique and incommunicable mental powers.
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At heart, uncertainty and investing are synonyms.
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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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Abnormally good or abnormally bad conditions do not last forever.
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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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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 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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An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.
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It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
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The investor's primary interest lies in acquiring and holding suitable securities at suitable prices.
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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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