Quote

Price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal.

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
Deals
Investing
Fluctuations
Opportunity
Sell
Fluctuation
Fall
Provide
Sharply
True
Sells
Investor
Great
Price
Wisely
Significant
Prices
Meaning
Investors
Deal
Advance

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Real investment risk is measured not by the percent that a stock may decline in price in relation to the general market in a given period, but by the danger of a loss of quality and earnings power through economic changes or deterioration in management.
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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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Mr. Market does not always price stocks the way an appraiser or a private buyer would value a business. Instead, when stocks are going up, he happily pays more than their objective value and, when they are going down, he is desperate to dump them for less than their true worth.
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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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