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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
Cotton
Suffer
Suffering
Growers
Shortage
Wheat

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I am more and more impressed with the possibilities of history's repeating itself on many different counts. You don't get very far in Wall Street with the simple, convenient conclusion that a given level of prices is not too high.
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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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Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.
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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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Successful investing is about managing risk, not avoiding it.
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Do not let anyone else run your business
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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.
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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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Individuals who cannot master their emotions are ill-suited to profit from the investment process.
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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.
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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 stock is not just a ticker symbol or an electronic blip it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.
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