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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.
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
Individual
Developed
Must
Transformation
Even
Disaster
Scathing
Conservative
Indictment
National
Surplus
Realize
Implies
Realizing
Recent
System
Capitalist
More quotes by Benjamin Graham
Abnormally good or abnormally bad conditions do not last forever.
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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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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.
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Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.
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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 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.
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In an ideal world, the intelligent investor would hold stocks only when they are cheap and sell them when they become overpriced, then duck into the bunker of bonds and cash until stocks again become cheap enough to buy.
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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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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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Always buy your straw hats in the Winter
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Successful investing is about managing risk, not avoiding it.
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You must never delude yourself into thinking that you're investing when you're speculating.
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An investor calculates what a stock is worth, based on the value of its businesses.
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If we assume that there are normal or standard income results to be obtained from investing money in securities, then the role of the adviser can be more readily established. He will use his superior training and experience to protect his clients against mistakes and to make sure that they obtain the results to which their money is entitled.
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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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An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.
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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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The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.
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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.
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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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