Quote

The investor with a portfolio of sound stocks should expect their prices to fluctuate and should neither be concerned by sizable declines nor become excited by sizable advances. He should always remember that market quotations are there for his convenience, either to be taken advantage of or to be ignored.

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
Remember
Neither
Convenience
Fluctuate
Always
Expect
Prices
Declines
Advantage
Ignored
Portfolio
Concerned
Investors
Portfolios
Either
Decline
Investor
Taken
Investing
Stocks
Sound
Excited
Advances
Become
Market
Quotations
Sizable

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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.
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Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.
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The intelligent investor is a realist who sells to optimists and buys from pessimists.
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Even the most conservative must realize that the recent transformation of surplus from an individual to a national disaster implies a scathing indictment of our capitalist system as it has now developed.
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A stock is not just a ticker symbol or an electronic blip it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.
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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 is worth pointing out that assuredly not more than one person out of a hundred who stayed in the market after after 1925 emerged from it with a net profit and that the speculative losses taken were appalling.
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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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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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you may take it as an axiom that you cannot profit in Wall Street by continuously doing the obvious or the popular thing
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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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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.
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Stocks can be dynamite.
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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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An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.
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Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
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The essence of investment management is the management of risks, not the management of returns.
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The investor's chief problem - and even his worst enemy - is likely to be himself.
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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.
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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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