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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
Realizing
Recent
System
Capitalist
Developed
Individual
Transformation
Must
Disaster
Scathing
Even
Conservative
Indictment
National
Surplus
Realize
Implies

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The chief obstacle to success lies in the stubborn fact that if the favorable prospects of a concern are clearly apparent they are almost always reflected already in the current price of the stock. Buying such an issue is like betting on a topheavy favorite in a horse race. The chances may be on your side, but the real odds are against you.
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At heart, uncertainty and investing are synonyms.
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In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.
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An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.
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The intelligent investor is a realist who sells to optimists and buys from pessimists.
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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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In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities. Rather should we say that the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion.
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In the short run, the market is a voting machine, but in the long run it is a weighing machine.
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Mr. Market does not always price stocks the way an appraiser or a private buyer would value a business. Instead, when stocks are going up, he happily pays more than their objective value and, when they are going down, he is desperate to dump them for less than their true worth.
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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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Many progressive economists insist that gold is now in essentially the same position as silver and that the arguments the simon-pure gold advocates use against the white metal can be directed with equal effect against their own fetish.
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I am more and more impressed with the possibilities of history's repeating itself on many different counts. You don't get very far in Wall Street with the simple, convenient conclusion that a given level of prices is not too high.
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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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The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.
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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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A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.
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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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You must never delude yourself into thinking that you're investing when you're speculating.
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It is absurd to think that the general public can ever make money out of market forecasts.
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