Quote

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

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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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Diversification is an established tenet of conservative investment.
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The essence of investment management is the management of risks, not the management of returns.
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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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High valuations entail high risks.
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Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.
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Unusually rapid growth cannot keep up forever when a company has already registered a brilliant expansion, its very increase in size makes a repetition of its achievement more difficult.
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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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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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Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.
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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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Every corporate security may be best viewed, in the first instance, as an ownership interest in, or a claim against, a specific business enterprise.
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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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Both individual skill (art) and chance are important factors in determining success or failure.
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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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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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Price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal.
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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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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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Abnormally good or abnormally bad conditions do not last forever.
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