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

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The beauty of periodic rebalancing is that it forces you to base your investing decisions on a simple, objective standard.
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You must never delude yourself into thinking that you're investing when you're speculating.
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Abnormally good or abnormally bad conditions do not last forever.
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The best values today are often found in the stocks that were once hot and have since gone cold.
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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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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 is no difficult trick to bring a great deal of energy, study, and native ability into Wall Street and to end up with losses instead of profits. These virtues, if channeled in the wrong directions, become indistinguishable from handicaps.
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It is absurd to think that the general public can ever make money out of market forecasts.
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The qualitative factors upon which most stress is laid are the nature of the business and the character of the management. These elements are exceedingly important, but they are also exceedingly difficult to deal with intelligently.
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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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The intelligent investor should recognize that market panics can create great prices for good companies and good prices for great companies.
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The investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could vary widely in market price in response to changes in interest rates.
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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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Successful investing is about managing risk, not avoiding it.
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