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You must never delude yourself into thinking that you're investing when you're speculating.

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
Speculating
Delude
Investing
Must
Never
Thinking

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The intelligent investor is a realist who sells to optimists and buys from pessimists.
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Many progressive economists insist that gold is now in essentially the same position as silver and that the arguments the simon-pure gold advocates use against the white metal can be directed with equal effect against their own fetish.
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The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.
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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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Both individual skill (art) and chance are important factors in determining success or failure.
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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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It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.
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Do not let anyone else run your business
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The distinction between investment and speculation in common stocks has always been a useful one and its disappearance is cause for concern.
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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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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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Successful investing is about managing risk, not avoiding it.
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In the financial markets, hindsight is forever 20/20, but foresight is legally blind. And thus, for most investors, market timing is a practical and emotional impossibility.
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The money cost of the reservoir plan literally fades into insignificance when it is compared with the financial burden which the great depression imposed on the nation.
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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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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 essence of investment management is the management of risks, not the management of returns.
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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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Why should the cotton growers suffer if there is shortage of wheat?
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Unusually rapid growth cannot keep up forever when a company has already registered a brilliant expansion, its very increase in size makes a repetition of its achievement more difficult.
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