Quote

Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it – even though others may hesitate or differ.

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
Even
Courage
Though
Knowledge
Sound
Hesitate
Experience
Differ
Facts
Formed
Others
Conclusion
May
Judgment

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Stocks can be dynamite.
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In the short run, the market is a voting machine, but in the long run it is a weighing machine.
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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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It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
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An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.
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There is no reason to feel any shame in hiring someone to pick stocks or mutual funds for you. But there's one responsibility that you must never delegate. You, and no one but you, must investigate whether an adviser is trustworthy and charges reasonable fees.
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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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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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The investor's chief problem - and even his worst enemy - is likely to be himself.
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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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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.
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Stock speculation is largely a matter of A trying to decide what B, C and D are likely to think-with B, C and D trying to do the same.
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High valuations entail high risks.
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Before you invest, you must ensure that you have realistically assessed your probability of being right and how you will react to the consequences of being wrong.
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