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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
Company
Decline
Term
Consideration
Matter
Factors
Important
Companies
Long
Investment
Nine
Fluctuation
Ten
Factor
Growth
Dominant

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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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We urge the beginner in security buying not to waste his efforts and his money in trying to beat the market. Let him study security values and initially test out his judgment on price versus value with the smallest possible sums.
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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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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.
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The investor's primary interest lies in acquiring and holding suitable securities at suitable prices.
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The sillier the market's behavior, the greater the opportunity for the business like investor.
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