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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

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
Nine
Fluctuation
Ten
Factor
Growth
Dominant
Company
Decline
Term
Consideration
Matter
Factors
Important
Companies
Long
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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Abnormally good or abnormally bad conditions do not last forever.
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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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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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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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You must never delude yourself into thinking that you're investing when you're speculating.
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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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The intelligent investor is a realist who sells to optimists and buys from pessimists.
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Why should the cotton growers suffer if there is shortage of wheat?
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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 qualitative factors upon which most stress is laid are the nature of the business and the character of the management. These elements are exceedingly important, but they are also exceedingly difficult to deal with intelligently.
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Price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal.
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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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The best values today are often found in the stocks that were once hot and have since gone cold.
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Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.
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The essence of investment management is the management of risks, not the management of returns.
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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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In the short run, the market is a voting machine, but in the long run it is a weighing machine.
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Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.
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