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

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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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Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
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The best values today are often found in the stocks that were once hot and have since gone cold.
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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.
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The intelligent investor is a realist who sells to optimists and buys from pessimists.
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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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In the short run, the market is a voting machine, but in the long run it is a weighing machine.
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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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Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.
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When somebody asserts that a stock has an earning power of so much, I am sure that the person who hears him doesn't know what he means, and there is a good chance that the man who uses it doesn't know what it means.
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The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.
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If you are shopping for common stocks, choose them the way you would buy groceries, not the way you would buy perfume.
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The market is a pendulum that forever swings between unsustainable optimism (which makes stocks too expensive) and unjustified pessimism (which makes them too cheap). The intelligent investor is a realist who sells to optimists and buys from pessimists.
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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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To establish the right price for a stock, the market must have adequate information, but it by no means follows that is the market has this information it will thereupon establish the right price.
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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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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.
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Wall Street has a few prudent principles the trouble is that they are always forgotten when they are most needed.
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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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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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