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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

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
Market
Bull
Ultimate
Clich
Ignorance
Superfluous
Speculator
Loss
Bulls
Speculators
Knowledge
Typical
Handicap
Often
Temporary
Handicaps
Experience
Investing
Prosper
Profit
Roaring

More quotes by Benjamin Graham

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It is a fact worth pondering that four centuries ago the evil of an abundance or surplus arose from its being kept off the market, while today the evil of surplus lies in its being thrown upon the market.
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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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Knowledge is only one ingredient on arriving at a stock's proper price. The other ingredient, fully as important as information, is sound judgment.
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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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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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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 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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We define a bargain issue as one which, on the basis of facts established by analysis, appears to be worth considerably more that it is selling for.
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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.
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An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.
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The market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.
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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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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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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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Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices.
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Buy when most people, including experts, are pessimistic, and sell when they are actively optimistic.
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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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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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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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A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.
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