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Successful investment may become substantially a matter of techniques and criteria that are learnable, rather than the product of unique and incommunicable mental powers.

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
Unique
Substantially
Products
Criteria
Successful
Techniques
Rather
Powers
Become
Technique
May
Product
Matter
Investment
Mental
Incommunicable

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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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Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.
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Individuals who cannot master their emotions are ill-suited to profit from the investment process.
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An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.
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You must never delude yourself into thinking that you're investing when you're speculating.
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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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Diversification is an established tenet of conservative investment.
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Many progressive economists insist that gold is now in essentially the same position as silver and that the arguments the simon-pure gold advocates use against the white metal can be directed with equal effect against their own fetish.
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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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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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Never mingle your speculative and investment operations in the same account nor in any part of your thinking.
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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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In the short run, the market is a voting machine, but in the long run it is a weighing machine.
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Stock speculation is largely a matter of A trying to decide what B, C and D are likely to think-with B, C and D trying to do the same.
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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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There is a close logical connection between the concept of a safety margin and the principle of diversification.
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Stocks can be dynamite.
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It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
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The investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could vary widely in market price in response to changes in interest rates.
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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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