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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
Ten
Factor
Growth
Dominant
Company
Decline
Term
Consideration
Matter
Factors
Important
Companies
Long
Investment
Nine
Fluctuation
More quotes by Benjamin Graham
Knowledge is only one ingredient on arriving at a stock's proper price. The other ingredient, fully as important as information, is sound judgment.
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Stocks can be dynamite.
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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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Even defensive portfolios should be changed from time to time, especially if the securities purchased have an apparently excessive advance and can be replaced by issues much more reasonable priced.
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You must never delude yourself into thinking that you're investing when you're speculating.
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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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An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.
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Mr. Market's job is to provide you with prices your job is to decide whether it is to your advantage to act on them. You no not have to trade with hime just because he constantly begs you to.
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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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The only thing you should do with pro forma earnings is ignore them.
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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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If we assume that there are normal or standard income results to be obtained from investing money in securities, then the role of the adviser can be more readily established. He will use his superior training and experience to protect his clients against mistakes and to make sure that they obtain the results to which their money is entitled.
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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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Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.
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Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.
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Individuals who cannot master their emotions are ill-suited to profit from the investment process.
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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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In an ideal world, the intelligent investor would hold stocks only when they are cheap and sell them when they become overpriced, then duck into the bunker of bonds and cash until stocks again become cheap enough to buy.
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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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In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities. Rather should we say that the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion.
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