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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.
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
Loss
Appalling
Worth
Emerged
Taken
Losses
Persons
Stayed
Person
Pointing
Profit
Market
Assuredly
Hundred
Speculative
More quotes by Benjamin Graham
The investor's chief problem - and even his worst enemy - is likely to be himself.
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There is a close logical connection between the concept of a safety margin and the principle of diversification.
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It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
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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 correct attitude of the security analyst toward the stock market might well be that of a man toward his wife. He shouldn't pay too much attention to what the lady says, but he can't afford to ignore it entirely. That is pretty much the position that most of us find ourselves vis-à-vis the stock market.
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High valuations entail high risks.
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Both individual skill (art) and chance are important factors in determining success or failure.
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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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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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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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The value of the security analyst to the investor depends largely on the investor's own attitude. If the investor asks the analyst the right questions, he is likely to get the right or at least valuable answers.
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Stocks can be dynamite.
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The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.
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The investor's primary interest lies in acquiring and holding suitable securities at suitable prices.
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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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Unusually rapid growth cannot keep up forever when a company has already registered a brilliant expansion, its very increase in size makes a repetition of its achievement more difficult.
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Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.
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Diversification is an established tenet of conservative investment.
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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 thing that I have been emphasizing in my own work for the last few years has been the group approach. To try to buy groups of stocks that meet some simple criterion for being undervalued-regardless of the industry and with very little attention to the individual company.
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