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

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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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A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.
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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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High valuations entail high risks.
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Only in the exceptional case, where the integrity and competence of the advisers have been thoroughly demonstrated, should the investor act upon the advice of others without understanding and approving the decision made.
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The intelligent investor is a realist who sells to optimists and buys from pessimists.
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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.
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At heart, uncertainty and investing are synonyms.
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The investor's chief problem - and even his worst enemy - is likely to be himself.
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you may take it as an axiom that you cannot profit in Wall Street by continuously doing the obvious or the popular thing
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The best way to measure your investing success is not by whether you're beating the market but by whether you've put in place a financial plan and a behavioral discipline that are likely to get you where you want to go.
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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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Never mingle your speculative and investment operations in the same account nor in any part of your thinking.
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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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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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Both individual skill (art) and chance are important factors in determining success or failure.
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Real investment risk is measured not by the percent that a stock may decline in price in relation to the general market in a given period, but by the danger of a loss of quality and earnings power through economic changes or deterioration in management.
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If you are shopping for common stocks, choose them the way you would buy groceries, not the way you would buy perfume.
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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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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