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Why should the cotton growers suffer if there is shortage of wheat?

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
Wheat
Cotton
Suffer
Suffering
Growers
Shortage

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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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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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The ideal form of common stock analysis leads to a valuation of the issue which can be compared with the current price to determine whether or not the security is an attractive purchase.
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Always buy your straw hats in the Winter
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It is absurd to think that the general public can ever make money out of market forecasts.
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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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Individuals who cannot master their emotions are ill-suited to profit from the investment process.
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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.
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The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.
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Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble... to give way to hope, fear and greed.
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An investor calculates what a stock is worth, based on the value of its businesses.
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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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An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.
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The sillier the market's behavior, the greater the opportunity for the business like investor.
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Mr. Market's job is to provide you with prices your job is to decide whether it is to your advantage to act on them. You no not have to trade with hime just because he constantly begs you to.
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Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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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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Do not let anyone else run your business
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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.
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