Quote

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.

Benjamin Graham

Change background

T
T
T

Change font

TAGS & TOPICS

Benjamin Graham
Age: 82 †
Born: 1894
Born: May 8
Died: 1976
Died: September 21
Economist
Financier
Investor
University Teacher
Writer
London
England
Periods
Consistent
Spectacular
Expect
Buying
Formula
Principles
Selling
Formulas
Foolproof
Results
Principle
Reduce
Declined
Simple
Rise
Investors
Substantially
Cannot
Profit
Courageous
Investor
Right
Market
Application
Guaranteed
Good
Flow
Anxious
Profits

More quotes by Benjamin Graham

Image
In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.
Benjamin Graham
Image
Price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal.
Benjamin Graham
Image
Wall Street has a few prudent principles the trouble is that they are always forgotten when they are most needed.
Benjamin Graham
Image
Real investment risk is measured not by the percent that a stock may decline in price in relation to the general market in a given period, but by the danger of a loss of quality and earnings power through economic changes or deterioration in management.
Benjamin Graham
Image
Individuals who cannot master their emotions are ill-suited to profit from the investment process.
Benjamin Graham
Image
The money cost of the reservoir plan literally fades into insignificance when it is compared with the financial burden which the great depression imposed on the nation.
Benjamin Graham
Image
It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
Benjamin Graham
Image
Before you place your financial future in the hands of an adviser, it's imperative that you find someone who not only makes you comfortable but whose honesty is beyond reproach.
Benjamin Graham
Image
At heart, uncertainty and investing are synonyms.
Benjamin Graham
Image
In nine companies out of ten the factor of fluctuation has been a more dominant and important consideration in the matter of investment than has the factor of long-term growth or decline
Benjamin Graham
Image
The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.
Benjamin Graham
Image
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.
Benjamin Graham
Image
Knowledge is only one ingredient on arriving at a stock's proper price. The other ingredient, fully as important as information, is sound judgment.
Benjamin Graham
Image
Only in the exceptional case, where the integrity and competence of the advisers have been thoroughly demonstrated, should the investor act upon the advice of others without understanding and approving the decision made.
Benjamin Graham
Image
Experience teaches that the time to buy stocks is when their price is unduly depressed by temporary adversity. In other words, they should be bought on a bargain basis or not at all.
Benjamin Graham
Image
The stock market resembles a huge laundry in which institutions take in large blocks of each others washing ... without rhyme or reason.
Benjamin Graham
Image
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
Image
The sillier the market's behavior, the greater the opportunity for the business like investor.
Benjamin Graham
Image
It is absurd to think that the general public can ever make money out of market forecasts.
Benjamin Graham
Image
In the financial markets, hindsight is forever 20/20, but foresight is legally blind. And thus, for most investors, market timing is a practical and emotional impossibility.
Benjamin Graham