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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.

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
Including
People
Pessimistic
Actively
Optimistic
Experts
Sell
Sells

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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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Successful investing is about managing risk, not avoiding it.
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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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Wall Street has a few prudent principles the trouble is that they are always forgotten when they are most needed.
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The only thing you should do with pro forma earnings is ignore them.
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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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We urge the beginner in security buying not to waste his efforts and his money in trying to beat the market. Let him study security values and initially test out his judgment on price versus value with the smallest possible sums.
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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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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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The defensive (or passive) investor will place chief emphasis on the avoidance of serious mistakes or losses. His second aim will be freedom from effort, annoyance, and the need for making frequent decisions.
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At heart, uncertainty and investing are synonyms.
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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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It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.
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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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Why should the cotton growers suffer if there is shortage of wheat?
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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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Mr. Market's job is to provide you with prices your job is to decide whether it is to your advantage to act on them. You no not have to trade with hime just because he constantly begs you to.
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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 essence of investment management is the management of risks, not the management of returns.
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The intelligent investor is a realist who sells to optimists and buys from pessimists.
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