Quote

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.

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
Like
Chance
Concern
Currents
Apparent
Lying
Lies
Buying
Stubborn
Fact
Already
Obstacles
Chances
Success
Side
Clearly
Odds
Favorable
Facts
Issues
Price
Stock
Betting
May
Sides
Favorite
Chief
Prospects
Real
Almost
Issue
Chiefs
Obstacle
Always
Race
Horse
Current
Reflected

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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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The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.
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The qualitative factors upon which most stress is laid are the nature of the business and the character of the management. These elements are exceedingly important, but they are also exceedingly difficult to deal with intelligently.
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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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