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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.
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
Largely
Stock
Decide
Likely
Matter
Trying
Think
Thinking
Speculation
More quotes by Benjamin Graham
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.
Benjamin Graham
If you are shopping for common stocks, choose them the way you would buy groceries, not the way you would buy perfume.
Benjamin Graham
No matter how careful you are, the one risk no investor can ever eliminate is the risk of being wrong. Only by insisting on what Graham called the margin of safety - never overpaying, no matter how exciting an investment seems to be - can you minimize your odds of error.
Benjamin Graham
At heart, uncertainty and investing are synonyms.
Benjamin Graham
Stocks can be dynamite.
Benjamin Graham
An investor calculates what a stock is worth, based on the value of its businesses.
Benjamin Graham
Never mingle your speculative and investment operations in the same account nor in any part of your thinking.
Benjamin Graham
Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
Benjamin Graham
The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.
Benjamin Graham
The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.
Benjamin Graham
Though business conditions may change, corporations and securities may change, and financial institutions and regulations may change, human nature remains the same. Thus the important and difficult part of sound investment, which hinges upon the investor's own temperament and attitude, is not much affected by the passing years.
Benjamin Graham
People who invest make money for themselves people who speculate make money for their brokers. And that, in turn, is why Wall Street perennially downplays the durable virtues of investing and hypes the gaudy appeal of speculation.
Benjamin Graham
The investor has a right to expect good results to flow from a consistent and courageous application of the principle of buying after the market has declined substantially and selling after it has had a spectacular rise. But he cannot expect to reduce this principle to a simple and foolproof formula, with profits guaranteed and no anxious periods.
Benjamin Graham
It is no difficult trick to bring a great deal of energy, study, and native ability into Wall Street and to end up with losses instead of profits. These virtues, if channeled in the wrong directions, become indistinguishable from handicaps.
Benjamin Graham
Diversification is an established tenet of conservative investment.
Benjamin Graham
The intelligent investor is a realist who sells to optimists and buys from pessimists.
Benjamin Graham
Why should the cotton growers suffer if there is shortage of wheat?
Benjamin Graham
Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times of good business conditions. The purchasers view the good current earnings as equivalent to 'earning power' and assume that prosperity is equivalent to safety.
Benjamin Graham
Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety.
Benjamin Graham
Knowledge is only one ingredient on arriving at a stock's proper price. The other ingredient, fully as important as information, is sound judgment.
Benjamin Graham
