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Do not let anyone else run your business

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
Anyone
Business
Running
Else

More quotes by Benjamin Graham

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Mr. Market does not always price stocks the way an appraiser or a private buyer would value a business. Instead, when stocks are going up, he happily pays more than their objective value and, when they are going down, he is desperate to dump them for less than their true worth.
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Successful investing is about managing risk, not avoiding it.
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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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The intelligent investor is a realist who sells to optimists and buys from pessimists.
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Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.
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There is no reason to feel any shame in hiring someone to pick stocks or mutual funds for you. But there's one responsibility that you must never delegate. You, and no one but you, must investigate whether an adviser is trustworthy and charges reasonable fees.
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... the loss of public confidence in the financial community growing out of its own conduct in recent years. I insist that more damage has been done to stock values and to the future of equities from inside Wall Street than from outside Wall Street.
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Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
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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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Always buy your straw hats in the Winter
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Abnormally good or abnormally bad conditions do not last forever.
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An intelligent investor gets satisfaction from the thought that his operations are exactly opposite to those of the crowd.
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Why should the cotton growers suffer if there is shortage of wheat?
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Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety.
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The value of the security analyst to the investor depends largely on the investor's own attitude. If the investor asks the analyst the right questions, he is likely to get the right or at least valuable answers.
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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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Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.
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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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The essence of investment management is the management of risks, not the management of returns.
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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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