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Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.

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
Materials
Cause
Instability
Causes
Prices
Show
Statistics
Shows
Prime
Clearly
Price
Material

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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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The essence of investment management is the management of risks, not the management of returns.
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An investor calculates what a stock is worth, based on the value of its businesses.
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Knowledge is only one ingredient on arriving at a stock's proper price. The other ingredient, fully as important as information, is sound judgment.
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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.
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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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Why should the cotton growers suffer if there is shortage of wheat?
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Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it.
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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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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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The best values today are often found in the stocks that were once hot and have since gone cold.
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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 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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A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.
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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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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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The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.
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Individuals who cannot master their emotions are ill-suited to profit from the investment process.
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Do not let anyone else run your business
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It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
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