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The investor's primary interest lies in acquiring and holding suitable securities at suitable prices.

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
Investors
Primaries
Primary
Holding
Securities
Lies
Investor
Security
Acquiring
Lying
Suitable
Interest
Prices

More quotes by Benjamin Graham

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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 essence of investment management is the management of risks, not the management of returns.
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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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Abnormally good or abnormally bad conditions do not last forever.
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A stock is not just a ticker symbol or an electronic blip it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.
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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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Before you invest, you must ensure that you have realistically assessed your probability of being right and how you will react to the consequences of being wrong.
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Cartels have spread and will spread as long as the world lacks an effective mechanism by which balanced expansion may be achieved without a resulting disruption of prices.
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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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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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There is a close logical connection between the concept of a safety margin and the principle of diversification.
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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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The sillier the market's behavior, the greater the opportunity for the business like investor.
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Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it.
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You must never delude yourself into thinking that you're investing when you're speculating.
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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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The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.
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Before you place your financial future in the hands of an adviser, it's imperative that you find someone who not only makes you comfortable but whose honesty is beyond reproach.
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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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Successful investing is about managing risk, not avoiding it.
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