Quote

It requires strength of character in order to think and to act in opposite fashion from the crowd and also patience to wait for opportunities that may be spaced years apart.

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
Character
Requires
Spaced
May
Wait
Crowd
Years
Strength
Crowds
Think
Fashion
Opposite
Thinking
Waiting
Opportunities
Opportunity
Patience
Order
Apart
Also
Opposites

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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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The defensive (or passive) investor will place chief emphasis on the avoidance of serious mistakes or losses. His second aim will be freedom from effort, annoyance, and the need for making frequent decisions.
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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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Always buy your straw hats in the Winter
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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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Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it – even though others may hesitate or differ.
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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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Always remember that market quotations are there for convenience, either to be taken advantage of or to be ignored.
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When somebody asserts that a stock has an earning power of so much, I am sure that the person who hears him doesn't know what he means, and there is a good chance that the man who uses it doesn't know what it means.
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Good managements produce a good average market price, and bad managements produce bad market prices.
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The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.
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Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times of good business conditions. The purchasers view the good current earnings as equivalent to 'earning power' and assume that prosperity is equivalent to safety.
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The investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could vary widely in market price in response to changes in interest rates.
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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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The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.
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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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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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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 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
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The investor's chief problem - and even his worst enemy - is likely to be himself.
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