Quote

It must be fundamentally wrong to reduce production of food and fiber while one-third of our population is still ill fed and ill clothed.

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
Third
Clothed
Thirds
Fiber
Population
Fundamentally
Food
Feds
Wrong
Reduce
Stills
Ill
Still
Production
Must
Productions

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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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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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At heart, uncertainty and investing are synonyms.
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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 investor with a portfolio of sound stocks should expect their prices to fluctuate and should neither be concerned by sizable declines nor become excited by sizable advances. He should always remember that market quotations are there for his convenience, either to be taken advantage of or to be ignored.
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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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A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.
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Mr. Market does not always price stocks the way an appraiser or a private buyer would value a business. Instead, when stocks are going up, he happily pays more than their objective value and, when they are going down, he is desperate to dump them for less than their true worth.
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It is a fact worth pondering that four centuries ago the evil of an abundance or surplus arose from its being kept off the market, while today the evil of surplus lies in its being thrown upon the market.
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The chief obstacle to success lies in the stubborn fact that if the favorable prospects of a concern are clearly apparent they are almost always reflected already in the current price of the stock. Buying such an issue is like betting on a topheavy favorite in a horse race. The chances may be on your side, but the real odds are against you.
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Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it – even though others may hesitate or differ.
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The investor's chief problem - and even his worst enemy - is likely to be himself.
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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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Every corporate security may be best viewed, in the first instance, as an ownership interest in, or a claim against, a specific business enterprise.
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People who invest make money for themselves people who speculate make money for their brokers. And that, in turn, is why Wall Street perennially downplays the durable virtues of investing and hypes the gaudy appeal of speculation.
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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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High valuations entail high risks.
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Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.
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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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