Quote

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
Matter
Trying
Think
Thinking
Speculation
Largely
Stock
Decide
Likely

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A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.
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The market is a pendulum that forever swings between unsustainable optimism (which makes stocks too expensive) and unjustified pessimism (which makes them too cheap). The intelligent investor is a realist who sells to optimists and buys from pessimists.
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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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Never mingle your speculative and investment operations in the same account nor in any part of your thinking.
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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 ideal form of common stock analysis leads to a valuation of the issue which can be compared with the current price to determine whether or not the security is an attractive purchase.
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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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Unusually rapid growth cannot keep up forever when a company has already registered a brilliant expansion, its very increase in size makes a repetition of its achievement more difficult.
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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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An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.
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Successful investing is about managing risk, not avoiding it.
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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 chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.
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When somebody asserts that a stock has an earning power of so much, I am sure that the person who hears him doesn't know what he means, and there is a good chance that the man who uses it doesn't know what it means.
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Every corporate security may be best viewed, in the first instance, as an ownership interest in, or a claim against, a specific business enterprise.
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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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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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You must never delude yourself into thinking that you're investing when you're speculating.
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Individuals who cannot master their emotions are ill-suited to profit from the investment process.
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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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