Quote

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.

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
Answers
Investors
Least
Likely
Valuable
Asks
Questions
Values
Depends
Analyst
Right
Value
Analysts
Attitude
Investor
Security
Largely

More quotes by Benjamin Graham

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... the loss of public confidence in the financial community growing out of its own conduct in recent years. I insist that more damage has been done to stock values and to the future of equities from inside Wall Street than from outside Wall Street.
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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
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The best way to measure your investing success is not by whether you're beating the market but by whether you've put in place a financial plan and a behavioral discipline that are likely to get you where you want to go.
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The investor's chief problem - and even his worst enemy - is likely to be himself.
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Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety.
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Speculators often prosper through ignorance it is a cliché that in a roaring bull market knowledge is superfluous and experience is a handicap. But the typical experience of the speculator is one of temporary profit and ultimate loss
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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.
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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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The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.
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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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A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.
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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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High valuations entail high risks.
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There is no reason to feel any shame in hiring someone to pick stocks or mutual funds for you. But there's one responsibility that you must never delegate. You, and no one but you, must investigate whether an adviser is trustworthy and charges reasonable fees.
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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.
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It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
Benjamin Graham
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The individual investor should act consistently as an investor and not as a speculator. This means ... that he should be able to justify every purchase he makes and each price he pays by impersonal, objective reasoning that satisfies him that he is getting more than his money's worth for his purchase.
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Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
Benjamin Graham
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The only thing you should do with pro forma earnings is ignore them.
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At heart, uncertainty and investing are synonyms.
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