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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
Others
Conclusion
May
Judgment
Even
Courage
Though
Knowledge
Sound
Hesitate
Experience
Differ
Facts
Formed
More quotes by Benjamin Graham
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.
Benjamin Graham
In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.
Benjamin Graham
Stocks can be dynamite.
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The individual investor should act consistently as an investor and not as a speculator. This means ... that he should be able to justify every purchase he makes and each price he pays by impersonal, objective reasoning that satisfies him that he is getting more than his money's worth for his purchase.
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It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
Benjamin Graham
Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.
Benjamin Graham
There is a close logical connection between the concept of a safety margin and the principle of diversification.
Benjamin Graham
Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.
Benjamin Graham
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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The stock market resembles a huge laundry in which institutions take in large blocks of each others washing ... without rhyme or reason.
Benjamin Graham
The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.
Benjamin Graham
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 money cost of the reservoir plan literally fades into insignificance when it is compared with the financial burden which the great depression imposed on the nation.
Benjamin Graham
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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Always buy your straw hats in the Winter
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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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Do not let anyone else run your business
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The investor's primary interest lies in acquiring and holding suitable securities at suitable prices.
Benjamin Graham
The purchase of a bargain issue presupposes that the market's current appraisal is wrong, or at least that the buyer's idea of value is more likely to be right than the market's. In this process the investor sets his judgement against that of the market. To some this may seem arrogant or foolhardy.
Benjamin Graham
It is absurd to think that the general public can ever make money out of market forecasts.
Benjamin Graham