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

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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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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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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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Speculators often prosper through ignorance it is a cliché that in a roaring bull market knowledge is superfluous and experience is a handicap. But the typical experience of the speculator is one of temporary profit and ultimate loss
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The chief obstacle to success lies in the stubborn fact that if the favorable prospects of a concern are clearly apparent they are almost always reflected already in the current price of the stock. Buying such an issue is like betting on a topheavy favorite in a horse race. The chances may be on your side, but the real odds are against you.
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We urge the beginner in security buying not to waste his efforts and his money in trying to beat the market. Let him study security values and initially test out his judgment on price versus value with the smallest possible sums.
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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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Wall Street has a few prudent principles the trouble is that they are always forgotten when they are most needed.
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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 essence of investment management is the management of risks, not the management of returns.
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Avoid second-quality issues in making up a portfolio unless they are demonstrable bargains.
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Mr. Market's job is to provide you with prices your job is to decide whether it is to your advantage to act on them. You no not have to trade with hime just because he constantly begs you to.
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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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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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The investor's chief problem - and even his worst enemy - is likely to be himself.
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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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You must never delude yourself into thinking that you're investing when you're speculating.
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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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High valuations entail high risks.
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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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