Quote

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.

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
Without
Prices
Long
Expansion
World
Mechanism
Balanced
Achieved
Cartels
Effective
Disruption
Spread
Resulting
May
Lacks

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High valuations entail high risks.
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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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An investor calculates what a stock is worth, based on the value of its businesses.
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The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.
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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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Even defensive portfolios should be changed from time to time, especially if the securities purchased have an apparently excessive advance and can be replaced by issues much more reasonable priced.
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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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Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
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The investor's primary interest lies in acquiring and holding suitable securities at suitable prices.
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Diversification is an established tenet of conservative investment.
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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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Before you invest, you must ensure that you have realistically assessed your probability of being right and how you will react to the consequences of being wrong.
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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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The investor has a right to expect good results to flow from a consistent and courageous application of the principle of buying after the market has declined substantially and selling after it has had a spectacular rise. But he cannot expect to reduce this principle to a simple and foolproof formula, with profits guaranteed and no anxious periods.
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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 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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Do not let anyone else run your business
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Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.
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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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In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.
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