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Always buy your straw hats in the Winter

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
Winter
Always
Straw
Straws
Hats
Investing

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The essence of investment management is the management of risks, not the management of returns.
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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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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 market is always making mountains out of molehills and exaggerating ordinary vicissitudes into major setbacks.
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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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An investor calculates what a stock is worth, based on the value of its businesses.
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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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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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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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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.
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Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.
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