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Experience teaches that the time to buy stocks is when their price is unduly depressed by temporary adversity. In other words, they should be bought on a bargain basis or not at all.
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
Adversity
Bargain
Bases
Bargains
Price
Stocks
Teach
Depressed
Words
Teaches
Experience
Bought
Time
Temporary
Basis
Unduly
More quotes by Benjamin Graham
It should be remembered that a decline of 50% fully offsets a preceding advance of 100%.
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Before you invest, you must ensure that you have realistically assessed your probability of being right and how you will react to the consequences of being wrong.
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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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No matter how careful you are, the one risk no investor can ever eliminate is the risk of being wrong. Only by insisting on what Graham called the margin of safety - never overpaying, no matter how exciting an investment seems to be - can you minimize your odds of error.
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Why should the cotton growers suffer if there is shortage of wheat?
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Stocks can be dynamite.
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An investor calculates what a stock is worth, based on the value of its businesses.
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The individual investor should act consistently as an investor and not as a speculator. This means ... that he should be able to justify every purchase he makes and each price he pays by impersonal, objective reasoning that satisfies him that he is getting more than his money's worth for his purchase.
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The correct attitude of the security analyst toward the stock market might well be that of a man toward his wife. He shouldn't pay too much attention to what the lady says, but he can't afford to ignore it entirely. That is pretty much the position that most of us find ourselves vis-à-vis the stock market.
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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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It always seemed, and still seems, ridiculously simple to say that if one can acquire a diversified group of common stocks at a price less than the applicable net current assets alone - after deducting all prior claims, and counting as zero the fixed and other assets - the results should be quite satisfactory.
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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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Abnormally good or abnormally bad conditions do not last forever.
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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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Diversification is an established tenet of conservative investment.
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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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The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.
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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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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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It's nonsensical to derive a price/earnings ratio by dividing the known current price by unknown future earnings.
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