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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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Successful investing is about managing risk, not avoiding it.
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Many progressive economists insist that gold is now in essentially the same position as silver and that the arguments the simon-pure gold advocates use against the white metal can be directed with equal effect against their own fetish.
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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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Wall Street has a few prudent principles the trouble is that they are always forgotten when they are most needed.
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There is no reason to feel any shame in hiring someone to pick stocks or mutual funds for you. But there's one responsibility that you must never delegate. You, and no one but you, must investigate whether an adviser is trustworthy and charges reasonable fees.
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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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A stock is not just a ticker symbol or an electronic blip it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.
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The investor's primary interest lies in acquiring and holding suitable securities at suitable prices.
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you may take it as an axiom that you cannot profit in Wall Street by continuously doing the obvious or the popular thing
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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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High valuations entail high risks.
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The investor with a portfolio of sound stocks should expect their prices to fluctuate and should neither be concerned by sizable declines nor become excited by sizable advances. He should always remember that market quotations are there for his convenience, either to be taken advantage of or to be ignored.
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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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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 sillier the market's behavior, the greater the opportunity for the business like investor.
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Diversification is an established tenet of conservative investment.
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At heart, uncertainty and investing are synonyms.
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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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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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You must never delude yourself into thinking that you're investing when you're speculating.
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