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Abnormally good or abnormally bad conditions do not last forever.

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
Lasts
Last
Good
Abnormally
Conditions
Forever

More quotes by Benjamin Graham

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Wall Street has a few prudent principles the trouble is that they are always forgotten when they are most needed.
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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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... 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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You must never delude yourself into thinking that you're investing when you're speculating.
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It is worth pointing out that assuredly not more than one person out of a hundred who stayed in the market after after 1925 emerged from it with a net profit and that the speculative losses taken were appalling.
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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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Never mingle your speculative and investment operations in the same account nor in any part of your thinking.
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It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
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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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you may take it as an axiom that you cannot profit in Wall Street by continuously doing the obvious or the popular thing
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The investor's primary interest lies in acquiring and holding suitable securities at suitable prices.
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The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.
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Why should the cotton growers suffer if there is shortage of wheat?
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The sillier the market's behavior, the greater the opportunity for the business like investor.
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Before you place your financial future in the hands of an adviser, it's imperative that you find someone who not only makes you comfortable but whose honesty is beyond reproach.
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The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.
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Experience teaches that the time to buy stocks is when their price is unduly depressed by temporary adversity. In other words, they should be bought on a bargain basis or not at all.
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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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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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Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.
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